Indraprastha Gas (IGL) has reported results for its third quarter ended December 31, 2011.
The company has posted a 2.92% rise in net profit after tax of Rs 69.15 crore for the quarter ended December 31, 2011 as compared to Rs 67.19 crore for the same quarter in the previous year. Total income has increased by 45.19% from Rs 457.76 crore for Q3FY11 to Rs 664.61 crore in the quarter under review.
IGL, a joint venture of GAIL, Bharat Petroleum Corporation and Government of NCT of Delhi, is into the business of compressed natural gas and piped natural gas. The company sells about 3.44 mmscmd of gas, of which 2.7 mmscmd is the administered price gas, 0.7 mmscmd is imported gas from term commitments. To fill the gap the company sources spot market gas which is even more expensive.
