Indraprastha Gas Ltd (IGL), India’s largest city gas distributor, reported a net profit of ₹401 crore for the first quarter ending June 30, 2024, reflecting an 8% decline from ₹438.40 crore in the same period last year. This result was slightly above market expectations, with a CNBC-TV18 poll predicting a profit of ₹389 crore.
The company’s revenue from operations rose by 3% to ₹3,520 crore, compared to ₹3,406.98 crore in the corresponding quarter of the previous fiscal year. This also surpassed the poll’s estimate of ₹3,494 crore.
At the operating level, EBITDA decreased by 9% to ₹582 crore, down from ₹642.38 crore in the same quarter last year. The EBITDA margin for the quarter stood at 16.5%, slightly higher than the predicted 15.5%.
Shares of Indraprastha Gas Ltd closed at ₹548.70 on the BSE, up by ₹14.80 or 2.77%. The financial results were announced after market hours.
