Mahanagar Gas recorded a net profit of Rs 268.8 crore in the fourth quarter of fiscal year 2022-23, as per the results declared by the gas distribution company on May 8.
The net profit is more than double as compared to Rs 131.8 crore clocked in the corresponding period of the previous financial year. It has also surpassed the estimates, as a poll by CNBC TV-18 had predicted the company's profit after tax to come in at Rs 206 crore.
For the entire FY23, Mahanagar Gas reported a net profit of Rs 790 crore, which is 32 percent higher against Rs 596 crore recorded in FY22.
The revenue from operations in Q4FY23 came in at Rs 1,771.8 crore, which is 67 percent higher against Rs 1,187.6 crore clocked in the year-ago period.
For the entire fiscal, the state-run company recorded revenue from operations of Rs 6,920.96 crore, which is 78 percent higher as against Rs 3,884 crore reported in FY22.
Mahanagar Gas said its board has also declared a "final dividend of Rs 16 per equity per share", having a face value of Rs 10 each (i.e. 160 percent) for FY23.
This is in addition to the interim dividend of Rs 10 per equity share paid to all the eligible equity shareholders, it added.
"Accordingly, the total dividend for the financial year 2022- 2023 will be Rs 26/-per equity share having face value of Rs. 10/-each (i.e. 260 percent)," the regulatory filing stated.
Ahead of the announcement, the shares of Mahanagar Gas edged higher at the stock markets. The scrip settled at Rs 1,000 apiece at the BSE, which was 2.05 percent higher against the previous day's close.
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