Indraprastha Gas Ltd., a Delhi-based gas distributor, said fiscal first quarter profit fell 10% as it sold natural gas at lower prices owing to directives of the sector regulator.
Net profit fell to Rs 1.01 billion in three months ended Jun 30 from 1.14 billion in the corresponding period a year ago, Indraprastha Gas said in a statement to the stock exchanges.
Net sales rose 3% to Rs 8.99 billion in the period while EBITDA margin narrowed to 18% in the quarter compared to 20.6% in the corresponding period year ago.
Operating profit margin narrowed mainly owing to rise in cost of natural gas which the company's was unable to pass on to the consumers.
Cost of natural gas rose 5.53% to Rs 5.58 billion in ther quarter while net sales expanded merely 3%.
Indraprastha Gas fell 1% to Rs 479.80 at the close of trade on the National Stock Exchange.
SELL IGL@475-485 SL 500 TARGET 450/425/400
No comments:
Post a Comment