Q4 Results Impact: IGL stock jumps 7% after net profit rises 9% in March quarter

IGL stock soared 7% on stellar Q4FY24 results, with a 9% increase in net profit and a 2% decline in revenue.

Pranati Deva
First Published8 May 2024, 11:37 AM IST
IGL stock is up 24.5% from the low but down 9% from the high.
IGL stock is up 24.5% from the low but down 9% from the high.

Shares of Indraprastha Gas Limited (IGL) jumped 7 percent in intra-day deals on Wednesday despite weakness in the Indian market on the back of decent financial results for the March quarter (Q4FY24).

The firm posted a 9 percent rise in its consolidated net profit at 433.79 crore as against 397.51 crore in the corresponding period last year. However, the leading city gas distributor's (CGD's) revenue from operations in the quarter under review fell 2 percent to 3,964.42 crore, versus 4,056.44 crore in the year-ago period.

Read here: PB Fintech stock jumps nearly 3% on strong performance in Q4

The stock rose as much as 7 percent to its day's high of 468.20. It has now advanced 24.5 percent from its 52-week low of 375.80, hit on November 1, 2023; but is still over 9 percent away from its 52-week high of 515.55, hit on May 9, 2023.

The stock has lost 9 percent in the last 1 year but has gained 13 percent in 2024 YTD.

Among other highlights, IGL's total sales volumes rose 4 percent in Q4 to 3,084.5 million standard cubic metres (scm), up from 2,951.9 million scm in the corresponding quarter of the previous year.

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

The company is a joint venture between central gas utility GAIL, oil marketing company BPCL, and the Government of Delhi, who collectively hold a 50 percent stake in the company.

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

Read here: JSW Energy share price up 125% in 1 year; should you buy stock after Q4 result?

For the full 2023-24 fiscal (FY24), the company's net profit increased 21 percent to 1,748.08 crore as compared to 1,445.02 crore in the previous financial year. However, its gross turnover slipped marginally to 15,403.13 crore in FY24 from 15,543.67 crore in the year-ago period primarily due to the cooling off of international gas prices despite an increase in sales volume.

"IGL has remained focused not only on executing strategic priorities amidst a challenging operating environment but has also been committed to delivering long-term value to its stakeholders," said the firm in its exchange filing.

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News in Numbers

Numbers that help you understand news better
$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:8 May 2024, 11:37 AM IST
HomeMarketsStock MarketsQ4 Results Impact: IGL stock jumps 7% after net profit rises 9% in March quarter

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