Indraprastha Gas Ltd, the sole seller of CNG to automobiles and piped cooking gas in Delhi, today reported a 30 per cent jump in its first quarter net profit on back of revision in depreciation rates.
Net profit in April-June at Rs 114.03 crore was 30 per cent higher than Rs 87.57 crore net in the same period a year ago, the company said in a statement here.
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," it said.
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."
IGL 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."