BackIndraprastha Gas Q4 Results: Net profit falls 8% to ₹329 crore, revenue up 53%
At ₹3,687.2 crore, the company's revenue from operations registering a sharp increase of 53 per cent in the January-March quarter, compared to ₹3,711 crore in the year-ago period.
PremiumLeading city gas distributer Indraprastha Gas Limited (IGL) announced its Q4FY23 results on May 12, reporting a net profit of ₹329.13 crore - a decline of 8 per cent compared to ₹363.08 crore in the corresponding period last year. At ₹3,687.2 crore, the company's revenue from operations registering a sharp increase of 53 per cent in the January-March quarter, compared to ₹3,711 crore in the year-ago period.
IGL's board has not recommended a final dividend for fiscal year 2022-23, as the two interim dividends, first being of 150 per cent and the second of 500 per cent had already been declared by the company for FY23.
Also Read: IGL declares 2nd interim dividend of ₹10 per share
The company's net compressed natural gas (CNG) sales in the March quarter came in at ₹3,021 crore, compared to ₹1,936 crore in the corresponding period last year. Net piped natural gas (PNG) sales in the fourth quarter was at ₹1,021 crore, compared to ₹702 crore in the year-ago period.
Last month, IGL announced that it had reduced the prices of CNG and PNG by up to ₹6 in Delhi, marking the first price reduction in two years.
"The revised retail price of CNG in Delhi would be ₹73.59 per kg w.e.f. 6 am on 9th April 2023." The revised retail price of CNG in Noida, Greater Noida, and Ghaziabad will be ₹77.20 per kg, and ₹82.62 per kg in Gurugram.
The price of gas piped to household kitchens or PNG had also been reduced to ₹48.59 per standard cubic metre from ₹53.59 per scm. This follows an over 80 per cent increase in prices over the past two years, providing a much-needed relief to consumers.
On May 12, shares of IGL settled 0.48 per cent lower at ₹489.80 apiece on the BSE.
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