Indraprastha Gas Q1 Results: Profit rises 8% YoY to Rs 522 crore, revenue up 7%
Indraprastha Gas on July 23 reported a consolidated net profit of Rs 522 crore for the first quarter that ended June 2023. This is an increase of 8.47% from Rs 481.2 crore clocked in the corresponding quarter of last year. Its revenue from operations stood at Rs 3,761.85 crore in Q1 FY24, up 6.55% YoY compared to Rs 3,530.3 crore in Q1 FY23.
Other income during the quarter rose to Rs 45.66 crore against Rs 30.74 crore in the previous year period. The company's total income rose 6.9% YoY to Rs 3,807.5 crore for the June quarter. The same was Rs 3,561.08 crore in the same quarter of last year.
Meanwhile, its total expenses surged 7.32% YoY to Rs 3,220.7 crore for the June quarter, against Rs 3,000.8 crore in the same quarter of last year. The firm has reported earnings per share (EPS) of Rs 7.46 in Q1 FY24 compared to Rs 6.87 for the period ended June 30, 2022. On Friday, shares of Indraprastha Gas closed 0.9% higher at Rs 495.1 on BSE.
As per Trendlyne data, the average target price of the stock is Rs 525, an upside potential of 6% from the current market prices. The consensus recommendation from 33 analysts for the stock is a Buy. Out of these analysts, 24 have strong buy and buy ratings, while four have strong sell and sell ratings.
The remaining five have hold ratings Technically, the day RSI (14) is at 57.4. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at 4.2, which is above its center and signal Line, this is a bullish indicator.
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