IGL Quarterly Net Profit Plunges 48% Amid Volatile LNG Prices

Indraprastha Gas Ltd (IGL) reported a sharp decline in net profit for the quarter ended June, as high and volatile liquefied natural gas (LNG) prices squeezed its margins.

The city-gas distributor's net profit dropped nearly 48% year-on-year to ₹186.18 crore, despite a 6% growth in sales. IGL's revenues expanded 16% YoY to ₹5,027.87 crore in the June-end quarter.

While daily sales grew to 9.66 MMSCMD (million standard cubic meters per day), CNG sales increased by 6%, and PNG sales rose 5%. The volatility in West Asia had a significant impact on IGL's margins.