City-gas distributor Indraprastha Gas Ltd (IGL) reported a nearly 48% year-on-year (YoY) decline in net profit for the quarter ended June, as margins were squeezed by “high and volatile” liquefied natural gas (LNG) prices amid supply disruptions caused by the West Asia crisis.

IGL’s net profit in the first quarter of the current fiscal year stood at ₹186.18 crore. The volatility in West Asia impacted the city-gas distributor’s margins despite a 6% growth in sales.

The company’s revenues expanded 16% YoY to ₹5,027.87 crore in the June-end quarter.

Overall daily sales grew to 9.66 MMSCMD (million standard cubic meters per day) in the reported quarter compared to 9.13 MMSCMD in the year-ago period.

CNG (compressed natural gas) sales grew 6%; while sales of piped natural gas (PNG) – inclusive of domestic, industrial and commercial – grew 5% YoY in the review quarter.