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IGL faces twin troubles of weak sales volume and high costs
Mint Mumbai
|January 31, 2024
Investors of Indraprastha Gas Ltd (IGL) were left disappointed, as the city gas distributor reported a lackluster volume growth, yet again.
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In the December quarter (Q3FY24), sales volume grew by a mere 4% year-on-year to 8.5 million metric standard cubic meters per day (mmscmd), lower than analysts' estimates. Muted volumes were a drag on its Q3 earnings, with the compressed natural gas (CNG) segment playing a spoilsport. IGL's volumes have been range-bound lately, and the outlook on this front remains bleak.
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