IGL (IGL) Q4 Financial Update: 9% Surge in Net Profit to ₹433 Crore, Dividend Announced

• Indraprastha Gas Limited (IGL) reports a nine per cent increase in consolidated net profit for Q4FY24.
• IGL’s revenue from operations in Q4FY24 dropped two per cent compared to the previous year.
• The company’s board recommends a final dividend of 250 per cent at Rs.5 per equity share for FY24.

IGL announces Q4 results for fiscal 2023-24, reporting a rise in consolidated net profit and a slight drop in revenue from operations. The board also recommends a hefty final dividend.

IGL Q4 Results: A Closer Look

IGL announced its Q4 results on Tuesday, May 7, reporting a consolidated net profit of ₹433.79 crore, a nine per cent increase from ₹397.51 crore in the corresponding period last year. However, the city gas distributor’s revenue from operations in Q4FY24 dropped two per cent to ₹3,964.42 crore, compared to ₹4,056.44 crore in the year-ago period.

Final Dividend and Future Prospects

The board recommended a final dividend of 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. This recommendation reflects the company’s strong financial performance and its commitment to providing value to its shareholders.

IGL’s Performance in Fiscal 2023-24

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.

IGL’s Sales Volume and Growth

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. The average daily gas sale during FY24 was 8.43 mmscmd as compared to 8.09 mmscmd in FY’23, registering an overall growth of four per cent.

Conclusion

Despite a challenging operating environment, IGL has remained focused on executing strategic priorities and delivering long-term value to its stakeholders. With a consolidated net profit after tax of ₹1,983.40 crore in 2023-24 against a consolidated profit of ₹1,639.65 crore in FY22-23, the company shows a promising future outlook.