IRM Energy Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
February 09, 2024 at 10:09 am
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IRM Energy Limited reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported sales was INR 2,429.33 million compared to INR 2,765.77 million a year ago. Revenue was INR 2,500.64 million compared to INR 2,782.92 million a year ago. Net income was INR 237.77 million compared to INR 198.58 million a year ago. Basic earnings per share from continuing operations was INR 6.18 compared to INR 6.6 a year ago. Diluted earnings per share from continuing operations was INR 6.18 compared to INR 6.6 a year ago.
For the nine months, sales was INR 7,249.49 million compared to INR 7,806.92 million a year ago. Revenue was INR 7,389.75 million compared to INR 7,851.63 million a year ago. Net income was INR 767.03 million compared to INR 591.03 million a year ago. Basic earnings per share from continuing operations was INR 23.23 compared to INR 19.92 a year ago. Diluted earnings per share from continuing operations was INR 23.23 compared to INR 19.92 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.