Indraprastha Gas Ltd, the sole supplier of CNG and piped gas in the national capital, on Friday reported a 17 per cent rise in its net profit at Rs 66.27 crore for the second quarter ended September 30, over the same period a year ago.
Its net profit in the July-September quarter last financial year stood at Rs 56.80 crore, IGL said in a press statement here.
The profit rise was mostly because of a 63 per cent jump in sales to Rs 501.06 crore.
Sale of compressed natural gas (CNG) to automobiles increased by 19 per cent to 1,556 lakh kgs while gas sold to households called piped natural gas was up 88 per cent to 240 lakh standard cubic meters, it said.
"On an overall basis there is 27 per cent growth in sales volume to 2,458 lakh standard cubic meters during this quarter over the corresponding quarter of FY10," it said.
IGL is investing Rs 3,000 crore on a massive expansion programme in national capital territory of Delhi as well as in the adjoining Noida, Greater Noida and Ghaziabad areas over the next five years.
It plans to add 38 more CNG retailing stations by March 2011 to its existing network of 251 outlets. The company plans to add another 43,000 new piped natural gas connections in the current financial year in addition to 29,000 PNG connections already provided this financial year.