New Delhi, Aug 13 (PTI) Indraprastha Gas Ltd, India's largest CNG retailer, on Friday reported a nearly 700 per cent jump in its first-quarter net profit as gas sales soared compared to the lockdown-hit period last year.

Net profit in April June at Rs 244.29 crore was 677 per cent higher than Rs 31.84 crore net profit in the same period last year, the company said in a statement.

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Earnings showed "a robust growth despite restricted mobility on the roads due to the second wave of the pandemic during the period," it said.

Turnover doubled to Rs 687 crore.

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"Average sales volume was 5.32 million standard cubic meters per day in Q1 of 2021-22 as compared to 2.72 mmscmd in Q1 of 2020-21 showing a growth of 96 per cent," IGL said.

While the sale of CNG registered a 126 per cent growth, piped natural gas (PNG) sales volumes were up 51 per cent.

"Both physical and financial performance of the company during the first quarter reflects a strong recovery in 2021-22 after a year of reduced economic activity," it said.

IGL said all the geographical areas where the firm operates have started generating revenue.

"Sales have picked up considerably across all geographies and have already crossed pre-lockdown levels of 2019-20," it said.

IGL operates a city gas distribution (CGD) network of retailing CNG to automobiles and PNG to household kitchens and industries in 27 districts across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan.

It sells CNG to over 12 lakh vehicles running the national capital region (NCR) through a network of 612 CNG stations. IGL also supplies PNG to over 17 lakh households.

Its distribution network spans Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Karnal, Kaithal, Fatehpur, Ajmer, Pali, Rajsamand, Hamirpur, Shamli, Muzaffarnagar, parts of Kanpur and Meerut.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)