IRM Energy Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
November 09, 2023 at 09:23 am
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IRM Energy Limited reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was INR 2,201.21 million compared to INR 2,562.12 million a year ago. Revenue was INR 2,402.82 million compared to INR 2,747.85 million a year ago. Net income was INR 260.21 million compared to INR 187.01 million a year ago. Basic earnings per share from continuing operations was INR 8.6 compared to INR 6.33 a year ago. Diluted earnings per share from continuing operations was INR 8.6 compared to INR 6.33 a year ago.
For the six months, sales was INR 4,501.6 million compared to INR 4,708.68 million a year ago. Revenue was INR 4,889.12 million compared to INR 5,068.7 million a year ago. Net income was INR 529.25 million compared to INR 392.45 million a year ago. Basic earnings per share from continuing operations was INR 17.49 compared to INR 13.32 a year ago. Diluted earnings per share from continuing operations was INR 17.49 compared to INR 13.32 a year ago.
IRM Energy Limited is a city gas distribution company. The Company is engaged in developing natural gas distribution projects across various districts in the country for industrial, commercial, domestic, and automobile customers. Its business includes compressed natural gas (CNG), piped natural gas (PNG) domestic, PNG commercial and PNG industrial. CNG is the compressed form of natural gas, which is a mixture of hydrocarbons, mainly methane. Its customers include operators of public transport vehicles, such as taxis, auto-rickshaws, and private vehicles, such as cars, buses, light goods vehicles and heavy goods vehicles. PNG is used for cooking and heating purposes in commercial establishments. Its operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network.