Profit of IGL surged by 16% in Q4 FY24
May 07, 2024
New Delhi [India], May 7 : The profit of Indraprastha Gas Limited (IGL) has surged 16 per cent in the Q4 of Financial Year 2023-24. The profit has increased to Rs 382.80 crore from Rs 329.75 crore in Q3 FY-24.
The overall net profit for FY2023-24 stood at Rs 1748.08 crore, exhibiting a 21 per cent growth from Rs 1445.02 crore in the previous financial year, the company informed the stock exchange in its filing on Tuesday.
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 ensuing 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 Prof. Rajni Abbi as an Additional and Independent Director of the Company for a period of 3 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 stabilization of international gas prices despite an increase in sales volume.
The sales volume has also surged from 8.25 Million Metric Standard Cubic Meters per Day (MMSCMD) in Q4 of 2022-23 to 8.73 MMSCMD in Q4 of FY'24, marking a volume growth of 7%.
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% during this quarter.
The average daily gas sale in FY 2023-24 increased by 4 per cent to 8.43 MMSCMD from 8.09 MMSCMD in FY'23. CNG volumes grew by 4 per cent while PNG sales volumes rose by 6 per cent in FY 2023-24 over the previous fiscal.
After consolidating the financial results of its associate companies, CUGL & MNGL, the consolidated net profit after tax of IGL reached Rs 1983.40 crore in 2023-24, compared to Rs1639.65 crore in FY22-23, marking a 21 per cent increase during the year.
On Tuesday's trading session, the share of the company traded at Rs 444.10.
