Indraprastha Gas Limited (IGL), India’s leading Compressed Natural Gas (CNG) retailer, reported a robust 16 percent increase in net profit for the March quarter, driven by heightened gas sales. The company disclosed a net profit of Rs. 382.80 crore for the January-March quarter, up from Rs. 329.75 crore recorded in the same period last year. Over the full fiscal year 2023-24, net profit surged by 21 percent to reach Rs. 1,748.08 crore, compared to Rs. 1,445.02 crore in the previous fiscal year. However, turnover saw a marginal decline to Rs. 3,949.17 crore in the January-March period, down from Rs 4,042.57 crore in the corresponding quarter of the previous fiscal year.
Despite the slight downturn in turnover, the fiscal year 2023-24 witnessed a substantial rise in sales volume. The company’s strategic focus amidst challenging operational conditions yielded significant results, with a 7 percent increase in sales volume recorded during the January-March quarter. Notably, CNG sales volumes grew by 5 percent, while piped natural gas sales volumes exhibited a remarkable 11 percent increase during this period. IGL’s commitment to delivering long-term value to stakeholders was reinforced by the announcement of a final dividend of 250 percent for shareholders, in addition to the interim dividend of 200 percent paid earlier in the financial year.
Furthermore, with a city gas distribution network spanning 30 districts across four states, including Delhi, Uttar Pradesh, Haryana, and Rajasthan, IGL plays a pivotal role in meeting the energy needs of millions. Its extensive infrastructure, comprising over 25,000 kilometers of pipeline network, serves over 1.7 million vehicles running on CNG and has provided piped natural gas connections to over two-and-a-half million households. Amidst its notable achievements, the consolidated net profit after tax for the fiscal year 2023-24 stood at Rs. 1,983.40 crore, reflecting a commendable 21 percent year-on-year increase.
