IGL’s profit increased by 16% in Q4 of FY24

New Delhi, India: Indraprastha Gas Limited’s (IGL) Q4 earnings increased by sixteen percent for the 2023–2024 fiscal year. From Rs 329.75 crore in Q3 of FY24 to Rs 382.80 crore now, the profit has improved.

The business reported to the stock market on Tuesday that its total net profit for FY2023–24 was Rs 1748.08 crore, up 21% from Rs 1445.02 crore in the previous fiscal year.

For the fiscal year 2023–2024, the firm has suggested a dividend of Rs 5 per share, subject to shareholder approval at the next annual general meeting.

A little less than in the same quarter of 2022–2023 (Rs 4042.57 crore), the firm had a turnover of Rs 3949.17 crore in Q4 of FY24.

Additionally, the business notified the exchange of Prof. Rajni Abbi’s appointment to the position of Additional and Independent Director for a term of three years.

Despite a rise in sales volume, the company’s total turnover for the fiscal year 2023–24 increased to Rs 15,403.13 crore from Rs 15,543.67 crore in the fiscal year 2022–23, mostly as a result of the stability of international gas prices.

Additionally, there has been a notable increase in sales volume, with a 7% gain from 8.25 million Metric Standard Cubic Meters per Day (MMSCMD) in Q4 of 2022–2023 to 8.73 MMSCMD in Q4 of FY’24.

The company’s sales of compressed natural gas (CNG) increased by 5% this quarter, while its sales of piped natural gas (PNG) increased by 11% overall.

The average daily gas sales in FY 2023–2024 climbed from 8.09 MMSCMD in FY’23 to 8.43 MMSCMD, a 4% increase. In FY 2023–24, compared to the previous fiscal year, PNG sales volumes increased by 6% and CNG volumes increased by 4%.

IGL’s consolidated net profit after tax increased by 21% throughout the year to Rs 1983.40 crore in 2023–24 from Rs 1639.65 crore in FY22–23, after the consolidation of the financial performance of its partner businesses, CUGL & MNGL.

The company’s share closed Tuesday’s trading session at Rs 444.10.