With volumes jumping up almost 7 times, Indraprastha Gas Ltd (IGL) hit a new ne 52-week high today at Rs.424.80. It had closed yesterday at Rs.392.85.
Rise in gas sales and lower tax outgo led to IGL’s net profit for Q2FY20 doubling up to Rs.381 crore v/s Rs.187 crore. Net Revenue was up 19% (YoY) at Rs.1692 crore.
What really helped was the lower corporate tax rate announced by the Govt which led to a gain of Rs.143 crore.
In terms of product sales, piped natural gas showed a 10% growth at Rs.428 crore and CNG sold to automobiles rose 22% at Rs.1438 crore.
IGL registered an overall sales volume growth of 12% (YoY), with the average daily sale going up from 5.89 million standard cubic meters per day (mmscmd) to 6.57 mmscmd. CNG recorded sales volume growth of 10%, while PNG recorded sales volume growth of 12%.
Operating profit was up 27.5% at R.393 crore and operating margins were up from 21.7% to 23.2%.