Indraprastha Gas Q4 results: Net profit up 9% to Rs 433 crore

During the quarter under review, the company’s revenue from operations came in at Rs 3,964.42 crore.

Indraprastha Gas Ltd (IGL) on May 7 reported an increase of nine percent in its consolidated net profit at Rs 433.29 crore for the fourth quarter of fiscal year 2023-24.

The city gas distribution company had posted a consolidated net profit of Rs 397.51 crore a year ago, while it decreased almost nine percent on a quarterly basis from Rs 475.45 crore in the quarter ending December 31.

During the quarter under review, the company’s revenue from operations came in at Rs 3,964.42 crore, declining marginally from Rs 4,056.44 crore recorded in the same period last year.

The earnings before interest, tax, depreciation and amortisation (EBITDA) came in at Rs 682.58 crore during the fourth quarter, falling around 3 percent as compared to Rs 702.65 crore recorded in the previous quarter.

The company’s board recommended dividend of Rs 5 per share for the financial year 2023-24. “The Board of Directors have recommended a final dividend of 250% i.e. Z 5.00 (previous year Z Nil) on equity shares of Z2 (previous year Z 2) each for the year ended 31 March 2024 subject to approval of shareholders at the ensuing Annual General Meeting,” IGL said in an exchange filing.

The company’s total volume stood at 8.73 mmscmd (million metric standard cubic meters per day) in the quarter ending March 31, reporting a growth of six percent compared to last year.

In Q4, CNG volumes showed five percent growth year-on-year at 580 million scm, while PNG (domestic) and PNG (industrial/ commercial) witnessed 17 percent increase and 12 percent increase in volumes, respectively, on yearly basis.

The state-run city gas distribution (CGD) company had on March 6 slashed prices of compressed natural gas (CNG) by Rs 2.5 per kg. The revision in prices had come after the government’s remarks that CGD companies have failed to pass on benefits of gas reforms to consumers to book higher margins.

Shares of IGL settled at Rs 437.20 apiece on the BSE, which was 1.24 percent lower than the previous day's close.