Indraprastha Gas Q2 net more than doubles on lower tax rate, higher sales
Indraprastha Gas Ltd, the city gas distributor in the national capital and adjoining cities, on Thursday reported more than doubling of its September quarter net profit on lower tax rate and rise in gas sales.
Net profit in July-September at Rs 380.72 crore was 103 per cent higher than Rs 187 crore in the corresponding quarter in the last fiscal, the company said in a statement.
The company availed the lower corporate tax rate announced by the government which resulted in a “gain of Rs 143.12 crore,” it said.
Total gross sales value registered a growth of 19 per cent in the quarter to Rs 1,866 crore.
Product-wise, CNG sold to automobiles stood at Rs 1,438 crore, registering a growth of 22 per cent, and piped natural gas recorded sales of Rs 428 crore, registering a growth of 10 per cent over the previous year.
