Indraprastha Gas rallies 8%, hits new high on healthy volume growth in Q2
Shares of Indraprastha Gas (IGL) hit an all-time high of Rs 425, rallying 8 per cent on the BSE on Friday after the company reported healthy 12 per cent year-on-year (YoY) growth in sales during September quarter (Q2FY20). The stock surpassed its previous high of Rs 396 touched on November 1, 2019 in the intra-day trade.
In Q2FY20, compressed natural gas (CNG) sales volume increased by 10 per cent and piped natural gas (PNG) sales volumes increased by 12 per cent over Q2FY19. Going ahead as well, growth in CNG and domestic PNG is expected to be healthy on continued consumer addition.
The company’s consolidated net profit jumped 103 per cent YoY to Rs 381 crore against Rs 187 crore in the year-ago quarter.
