Indraprastha Gas Ltd (IGL), the firm that retails CNG and piped cooking gas in the national capital and other cities, on Monday, July 17, said the company has set up a joint venture with Genesis Gas Solutions Private Ltd with a capex of Rs 110 crore.

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The joint venture agreement is to set up an integrated smart meter manufacturing plant, the company said in an exchange filing.

Initially, the smart meter manufacturing plant would have an installed capacity to manufacture one million meters annually and is planned to be operational by April 2024.

Further, the joint venture between IGL and Genesis will have equity participation from both the partners in the ratio of 51:49 respectively, the company said.

Indraprastha Gas reported an 8 percent year-on-year decline in consolidated net profit at Rs 397.5 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 431 crore.

In the March quarter, total revenue stood at Rs 4,061.63 crore during the period under review, up 52 percent against Rs 2,649.77 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 8.8 percent to Rs 466.3 crore in the fourth quarter of this fiscal over Rs 428.5 crore in the previous quarter.

The EBITDA margin stood at 12.7 percent in the reporting quarter compared to 11.5 percent in the previous quarter. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Shares of Indraprastha Gas Ltd ended at Rs 489.10, up by Rs 1.20, or 0.25 percent on the BSE.

(Edited by : Shoma Bhattacharjee)