Q4 Results Impact: IGL stock jumps 7% after net profit rises 9% in March quarter
Indraprastha Gas Limited (IGL) jumped 7 percent in intra-day deals on Wednesday despite weakness in the Indian market on the back of decent financial results for the March quarter (Q4FY24). The firm posted a 9 percent rise in its consolidated net profit at ₹433.79 crore as against ₹397.51 crore in the corresponding period last year. However, the leading city gas distributor's (CGD's) revenue from operations in the quarter under review fell 2 percent to ₹3,964.42 crore, versus ₹4,056.44 crore in the year-ago period.
The stock rose as much as 7 percent to its day's high of ₹468.20. It has now advanced 24.5 percent from its 52-week low of ₹375.80, hit on November 1, 2023; but is still over 9 percent away from its 52-week high of ₹515.55, hit on May 9, 2023. The stock has lost 9 percent in the last 1 year but has gained 13 percent in 2024 YTD.
Among other highlights, IGL's total sales volumes rose 4 percent in Q4 to 3,084.5 million standard cubic metres (scm), up from 2,951.9 million scm in the corresponding quarter of the previous year. "The sales volume in the quarter increased from 8.25 million standard cubic metres per day in Q4 of 2022-23 to 8.73 mmscmd in Q4 of FY'24, showing volume growth of seven percent. While CNG registered a sales volume growth of 5 percent during the period, piped natural gas showed overall sales volume growth of 11 percent during this quarter (January-March)," said IGL.
The company is a joint venture between central gas utility GAIL, oil marketing company BPCL, and the Government of Delhi, who collectively hold a 50 percent stake in the company. The board also recommended a final dividend of 250 percent at ₹5 per equity share for FY24. "The board also recommended final dividend @250 percent i.e.
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