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Indraprastha Gas surges 7% on decent Q4 results; net profit jumps 9%

At 11:11 AM; the shares of the company were trading 5.86 per cent higher at Rs 462.80 per share. Presently IGL is trading at a price to earnings multiple of 25.70 times

Indraprastha Gas Limited

CNG pump

SI Reporter New Delhi

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Shares of Indraprastha Gas Ltd. (IGL) rose 7 per cent at Rs 468.20 a piece on the BSE in Wednesday’s intraday deals. In comparison, the S&P BSE fell 0.40 per cent at 23,221 levels. 

This comes after the company reported a nine percent increase in its consolidated net profit to Rs 433.29 crore for the fourth quarter of fiscal year 2023-24 versus Rs 397.51 crore in the same period last year. 

However net profit fell nearly nine percent from Rs 475.45 crore in the previous quarter ending December 31. 

Revenue from operations during the quarter stood at Rs 3,964.42 crore, slightly lower than the Rs 4,056.44 crore recorded in the same period last year.

The fourth-quarter earnings before interest, tax, depreciation, and amortisation (EBITDA) totaled Rs 682.58 crore, marking a slight decline of around 3 percent from the previous quarter's figure of Rs 702.65 crore.

In the quarter ending March 31, the company's total volume reached 8.73 mms cmd (million metric standard cubic metres per day), marking a six percent increase compared to the previous year.

During Q4, CNG volumes grew by five percent year-on-year, reaching 580 million scm, while both PNG (domestic) and PNG (industrial/commercial) saw significant increases of 17 percent and 12 percent in volumes, respectively, compared to the same period last year.

Furthermore, the company's board proposed a dividend of Rs 5 per share for the financial year 2023-24.

According to analysts at Motilal Oswal, the sales and PAT of the company mostly fell in line with their expectations. However, the company missed estimates on Ebitda due to lower-than-expected margin. 

At 11:11 AM; the shares of the company were trading 5.86 per cent higher at Rs 462.80 per share. Presently IGL is trading at a price to earnings multiple of 25.70 times. 

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First Published: May 08 2024 | 11:18 AM IST

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