IGL consolidated net profit doubles to ₹ 415.82 crore in Q2 on tax gains

Indraprastha Gas Limited has reported a consolidated net profit of ₹ 415.82 crore for the second quarter of financial year 2019-2020.

This is more than twice the ₹ 206.62 crore net profit for the same quarter of financial year 2018-2019.

The substantial increase in bottomline can be attributed to a tax gain in the second quarter of the financial year 2019-2020. Instead of a total tax expense of ₹ 108.04 crore in the comparable quarter of the previous fiscal, the company reported a tax gain of ₹ 5.74 crore in the quarter ending September 30, 2019.

“The Company elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019.” a company statement said