IGL share price: Company board to consider bonus shares today. Details here
- Bonus shares 2024: Indraprastha Gas board is set to meet today, December 10, to deliberate on the issuance of bonus shares.
Bonus shares 2024: The Board of Directors of leading city gas distributor (CGD) Indraprastha Gas Ltd (IGL) is set to meet on Tuesday, December 10, to deliberate on the issuance of bonus shares. According to a regulatory filing, the company will decide the bonus share ratio and other relevant details, subject to shareholder approval.
IGL share price was trading in the green, up 1.56 per cent at ₹391.65 on December 10 at 10:53 am on the BSE. The stock rose as much as 2.2 per cent in intra-day deals to the day's high of ₹394.30 apiece. The company enjoys a market capitalisation of ₹27,416 crore, as per BSE.
This will be the first instance where the city gas distributor will be considering a bonus share issue for its shareholders.
“The meeting of the Board of Directors is scheduled to be held on December 10, 2024, inter-alia to consider the proposal for the issue of Bonus Shares to the equity shareholders of the Company in the ratio, as may be fixed, subject to the Shareholders' approval,” the company said in an exchange filing on Wednesday, December 4.
IGL Q2 financial results
IGL achieved a 9% increase in overall sales volume during the second quarter of FY25 (Q2FY25). Average daily sales rose from 8.30 million metric standard cubic meters per day (mmscmd) in the same period last year to 9.03 mmscmd.
As per the unaudited financial results for the quarter ending September 2024, both the CNG and piped natural gas (PNG) segments showed a 9% rise in sales compared to Q2 of FY24. Among the PNG categories, the domestic segment experienced a notable 12% increase, while the industrial and commercial segments grew by 11%.
IGL's total gross sales value for the quarter climbed 7% sequentially, reaching ₹4,069.83 crore, compared to ₹3,804.35 crore in the first quarter of FY25. The company's profit after tax (PAT) also rose sequentially by 7.4%, amounting to ₹431.09 crore, up from ₹401.45 crore in Q1 FY25. However, on a year-on-year basis, PAT saw a decline from ₹534.81 crore posted in Q2 FY24, largely due to a significant rise in input gas costs.
The company's Board also announced an interim dividend of 275%, equivalent to ₹5.50 per share, reflecting strong performance metrics during the quarter.
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