Business News/ Markets / Stock Markets/  IGL declares 2nd interim dividend of 10 per share, record date next week

Natural gas distribution company Indraprastha Gas Ltd's (IGL) board on Thursday approved the declaration of the second interim dividend of 10 per share for the financial year 2022-23 (FY23). Shares of IGL were trading marginally higher, recovering from intraday low, at 439 apiece on the BSE in the afternoon deals.

“Further to our letter dated March 18, 2023, this is to inform that Board of Directors of the Company in its meeting held today has declared 2nd interim dividend @ 500% i.e, 10/- per share (Face value of Rs. 2/- each) on the equity shares of the Company for the Financial year 2022-23. As informed vide letter dated March 18, 2023 the record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be March 31, 2023 (Friday)," the company informed in an exchange filing today.

Indraprastha Gas Ltd in the past 12 month has declared an equity dividend amounting to 8.50 per share. At the current share price, this results in a dividend yield of 1.93%, as per data by stock analytics platform Trendlyne.

For the quarter ended December 2022 or Q3 FY23, IGL, that retails CNG and piped cooking gas in the national capital and other cities, reported 11% drop in consolidated net profit at 334 crore in October-December 2022 as compared with 374.7 crore a year back. 

Revenue from operations soared to 4,089 crore from 2,438 crore in the year-ago period. Gross margins declined 4.5% year-on-year (YoY) and 11% quarter-on-quarter (QoQ). "For the quarter ending December 2022, IGL registered an overall sales volume growth of 6% over the corresponding quarter in the last fiscal, with the average daily sale going up from 7.66 million standard cubic meters to 8.12 million standard cubic meters per day," a company statement had said.

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Updated: 23 Mar 2023, 01:45 PM IST
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