June quarter results fuel Indraprastha Gas shares

Mumbai: Shares of Delhi-based Indraprastha Gas Ltd (IGL) surged almost 4% on Friday morning when the Nifty 50 index was in the negative territory.

Note that the city gas distributor’s results, announced on Wednesday after market hours, show good earnings growth even as performance hasn’t exceeded Street expectations. Net profit increased 24% over the same period last year to ₹218 crore, in keeping with Bloomberg’s consensus estimates.

Profitability was helped by 12.7% increase in overall volumes. Compressed natural gas (CNG) volume rose 11.7%, whereas piped natural gas (PNG) volume grew by 12.4%. Within the PNG segment, industrial/commercial segment performed relatively better.