Indraprastha Gas slumps 2.5% as Q1 PAT drops by 86% yoy to Rs35cr

In the latest quarter, total volume stood at 2.72 MMSCMD compared to 6.25 MMSCMD in Q1 June 2019.

Aug 27, 2020 01:08 IST India Infoline News Service

Indraprastha Gas saw huge selling pressure on Thursday after the company announced its financial performance for quarter ending June 2020 (Q1FY21) period. In the latest quarter, the company witnessed an 85.64% decline in consolidated net profit to Rs35.18cr compared to Rs245.04 cr in the same period of the previous year.

Indraprastha in audit report said, "owing to a reduction in demand due to restrictions in vehicular movement, the sales at the CNG stations were impacted. Similarly, demand from industrial and commercial customers was also impacted due to the lockdown. However, from June 2020, the demand has been gradually increasing in both industrial and CNG category."

During the period, Indraprastha's CNG sales volume plunged by 66% to 105M kgs compared to a year ago same period. Meanwhile, total PNG sales dropped by 30% yoy to 101M scm in the quarter under review. Additionally, sales in natural gas contracted by 62% to 17M scm against a year ago same quarter.

In the latest quarter, total volume stood at 2.72 MMSCMD compared to 6.25 MMSCMD in Q1 June 2019.

On Sensex, the company's stock has plunged by 2.5% so far with an intraday low of Rs402.95 per piece. At around 1.57 pm, the stock corrected and was trading at Rs406.45 per piece below 1.72% on Sensex.

Related Story