Indraprastha Gas Q1 Profit Up 30 Per Cent at Rs 114 Crore
New Delhi: Indraprastha Gas Ltd, the sole seller of CNG to automobiles and piped cooking gas in Delhi, on Monday reported a 30 per cent jump in net profit at Rs 114.03 crore for the quarter ended June 2014, on back of a revision in depreciation rates.
The company had registered a net profit of Rs 87.57 crore for the corresponding period a year ago.
The profit rise has been "driven by revision on depreciation rate on certain fixed assets as per useful life specified in the Companies Act 2013 or re-assessment on the basis of technical evaluation", the company said in a statement in Delhi.
Turnover dipped 4 per cent to Rs 958 crore "due to reduction in selling price of CNG and domestic piped natural gas (PNG) from February 2014", it said.
The company also said sales volumes grew 1 per cent. "Product wise, CNG recorded sales volume growth of 2 per cent, while PNG sales volume declined by 4 per cent in the quarter as compared to last year."
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