Indraprastha Gas Soars 6% As Q4 Profit Surges 16% To Rs 382 Cr
The company recommends a dividend of Rs 5 per share for the financial year 2023-24
Indraprastha Gas (IG) surges above 6 per cent in the Wednesday trading session after the firm reported 16 per cent increase in the Q4 profit of FY 2023-24.
IG stock traded at Rs 462 with 4.6 per cent gain in the afternoon session on the National Stock Exchange (NSE).
For the fourth quarter, IG reported profit at Rs 382.80 crore from Rs 329.75 crore in Q3 FY-24 with 16 per cent jump.
The overall net profit for FY 2023-24 stood at Rs 1748.08 crore, exhibiting a 21 per cent growth from Rs 1445.02 crore in the previous financial year, informed IG in a stock exchange filing.
The company has recommended a dividend of Rs 5 per share for the financial year 2023-24, subject to the approval of shareholders in the Annual General Meeting.
The company reported a turnover of Rs 3949.17 crore in Q4 of FY24 which is marginally lower than Rs 4042.57 crore in the corresponding quarter of 2022-23.
The company also informed the exchange about the appointment of Rajni Abbi as an Additional and Independent Director of the Company for a period of three years.
The gross turnover of the company for the financial year 2023-24 reached Rs 15,403.13 crore compared to Rs 15,543.67 crore in FY 2022-23 primarily due to the stabilisation of international gas prices despite an increase in sales volume.
The sales volume has also surged from 8.25 Million Metric Standard Cubic Metres per Day (MMSCMD) in Q4 of 2022-23 to 8.73 MMSCMD in Q4 of FY'24, marking a volume growth of 7 per cent.
The CNG sales of the company also witnessed a 5 per cent growth, while PNG (Piped Natural Gas) exhibited an overall sales volume increase of 11 per cent during this quarter.
In terms of stock performance, earnings per share (EPS) jumped to Rs 6.2 from 5.68, whereas the stock’s year-to-date (YTD) returns stood nearly 10 per cent.
