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February 08, 2019 02:38 PM | Business

Indraprastha Gas says price increase depending on input costs & exchange rate

Indraprastha Gas Ltd (IGL), the retailer of CNG and piped natural gas in the national capital, on Friday said it will decide the price increase depending on input costs and exchange rate.

In an interview to CNBC-TV18, ES Ranganathan, managing director, said IGL always maintained double-digit growth and this year also the company may recordĀ 11 percent.

Ranganathan said, "US dollar has stabilised now. It was volatile before and since administrative price mechanism (APM) and liquefied natural gas (LNG) price are set at the dollar, so the exchange rate will also play a big part on the pricing."

He said IGL had bid for 15 geographical areas in city gas distribution (CGD) bid and the company hope to win at least 3-4 areas.

IGL reported a 19 percent rise in its third-quarter net profit on higher sales. Standalone net profit in October-December is at Rs 197.94 crore against Rs 165.65 crore in the corresponding period in the last fiscal, the company said in a statement.

Gross sales value during the quarter increased by 28 percent to Rs 1,661 crore as opposed to Rs 1,294 crore during the third quarter of FY2018.
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