IGL Q4 Results: Net profit rises 9% to ₹433 crore, revenue down 2% YoY; dividend declared

IGL Q4 Results: Indraprastha Gas Limited (IGL) announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Tuesday, May 7, reporting a rise of nine per cent in consolidated net profit at ₹433.79 crore, compared to ₹397.51 crore in the corresponding period last year. The leading city gas distributer (CGD's) revenue from operations in the fourth quarter of FY24 dropped two per cent to ₹3,964.42 crore, compared to ₹4,056.44 crore in the year-ago period.

The board also recommended final dividend of 250 per cent at Rs.5 per equity share for FY24. ‘’The board also recommended final dividend @250 per cent i.e. ₹5 per share (face value of ₹2 each) for the financial year 2023-24, subject to approval of shareholders in the ensuing Annual General Meeting,'' said IGL in a regulatory filing to the stock exchanges.

Also Read: IGL, MGL, Gujarat Gas: Decline in Asian spot LNG price to aid earnings prospects

IGL Q4 Results- Key Metrics

For the full 2023-24 fiscal, IGL's net profit soared 21 per cent to ₹1,748.08 crore compared to ₹1,445.02 crore in the previous year. The turnover slipped marginally to ₹3,949.17 crore in January-March from ₹4,042.57 crore in the corresponding quarter of 2022-23. The gross turnover for FY24 was ₹15,403.13 crore as compared to ₹15,543.67 crore in the year-ago period primarily due to cooling off of international gas prices despite increase in sales volume.

"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 a volume growth of seven per cent. While CNG registered sales volume growth of 5 per cent during the period, piped natural gas showed overall sales volume growth of 11 per cent during this quarter (January-March)," said IGL.

Also Read: IGL seeks renewable energy assets as it looks to turn net zero

The average daily gas sale during FY24 was 8.43 mmscmd as compared to 8.09 mmscmd in FY'23 (April 2022 to March 2023), registering an overall growth of four per cent. While CNG volumes registered a growth of four per cent in the fiscal, piped gas sales volumes were up by 6 per cent in FY 2023-24 over the preceding fiscal.

"IGL has remained focused not only on executing strategic priorities amidst a challenging operating environment but has also been committed to deliver long term value to its stake holders," said IGL in its exchange filing.

After consolidating the financial results of two associate companies, CUGL and MNGL, the consolidated net profit after tax of IGL comes to ₹1,983.40 crore in 2023-24 against a consolidated profit of ₹1,639.65 crore in FY22-23, showing an increase of 21 per cent year on year.

IGL operates CGD networks across 30 districts in 11 areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan. It has laid out gas distribution infrastructure in Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Karnal, among other designated NCR regions-- which consists of more than 25,000 kms of pipeline network.

IGL meets fuel requirements of over 1.7 million vehicles running on CNG through a network of over 850 CNG stations. the gas distributer has connected over two-and-a-half million households in these cities with piped natural gas. Ahead of the announcement of Q4FY24 results, shares of IGL settled 1.24 per cent lower at ₹437.20 apiece on the BSE.

INDRAPRASTHA GAS More Information

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