Indraprastha Gas Limited (IGL) witnessed a 7% surge in its stock price during intra-day trading on Wednesday, defying market downtrends, fueled by robust financial performance for the March quarter (Q4FY24).
The company reported a 9% increase in its consolidated net profit to ₹433.79 crore compared to ₹397.51 crore in the same period last year. However, its revenue from operations for the quarter declined by 2% to ₹3,964.42 crore from ₹4,056.44 crore in the corresponding period.
IGL’s stock climbed as high as 7% to reach ₹468.20 during the trading session. It has shown a 24.5% increase from its 52-week low of ₹375.80 on November 1, 2023, but remains approximately 9% below its 52-week high of ₹515.55 on May 9, 2023.
Over the past year, the stock has experienced a 9% decline, although it has gained 13% year-to-date (YTD) in 2024.
In Q4, IGL’s total sales volumes grew by 4% to 3,084.5 million standard cubic meters (scm) compared to 2,951.9 million scm in the same quarter of the previous year. The company reported an increase in sales volume from 8.25 million standard cubic meters per day in Q4 of 2022-23 to 8.73 mmscmd in Q4 of FY’24.
IGL, a joint venture between GAIL, BPCL, and the Government of Delhi, recommended a final dividend of 250% at ₹5 per equity share for FY24.
For the full fiscal year 2023-24 (FY24), IGL’s net profit rose by 21% to ₹1,748.08 crore, while gross turnover marginally declined to ₹15,403.13 crore from ₹15,543.67 crore in the previous financial year, primarily due to international gas price fluctuations despite increased sales volume.
The company emphasized its commitment to delivering long-term value to its stakeholders amidst a challenging operating environment, as stated in its regulatory filing.
