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IGL Q4 net profit increases by 9% to ₹433 crore

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In Short:

IGL’s net profit increased by 9% to ₹433 crore in Q4 FY24 due to higher sales, but fell by 9% sequentially. Consolidated total income rose by 2% y-o-y to ₹4,044 crore in the same quarter. For FY24, total income decreased by 6% y-o-y to ₹9,814 crore, with net profit increasing by 21% to ₹1,983 crore. Sales volume grew by 7% in Q4 FY24. Board recommended a final dividend of 250%.

Indraprastha Gas Reports a Strong Growth in Net Profit in Q4 FY24

State-run Indraprastha Gas (IGL) shared some exciting news on Tuesday as they reported a 9 per cent year-on-year growth in their consolidated net profit, reaching ₹433 crore in Q4 FY24. This was mainly driven by higher sales, showcasing the company’s strong performance.

In terms of total income, IGL saw a 2 per cent year-on-year increase, amounting to ₹4,044 crore in Q4 FY24. However, on a sequential basis, there was a 9 per cent decrease in net profit for India’s largest compressed natural gas (CNG) distributor.

Key Financial Highlights

For the full fiscal year FY24, IGL reported a 6 per cent year-on-year decline in consolidated total income to ₹9,814 crore. On the bright side, the net profit surged by 21 per cent year-on-year, reaching ₹1,983 crore.

Strong Sales Performance

The company witnessed a significant increase in sales volume, with a rise from 8.25 million standard cubic meters per day (MSCMD) in Q4 FY23 to 8.73 MSCMD in Q4 FY24, marking a 7 per cent growth. CNG sales volume grew by 5 per cent year-on-year, while piped natural gas (PNG) showed an impressive 11 per cent growth in sales volume during the same period.

Throughout FY24, the average daily gas sales stood at 8.43 MSCMD, reflecting an overall growth of 4 per cent. CNG volumes saw a 4 per cent year-on-year growth, while PNG sales volumes increased by 6 per cent.

Commitment to Stakeholders

IGL expressed their commitment to delivering long-term value to stakeholders, stating, “IGL has remained focused not only on executing strategic priorities amidst a challenging operating environment but has also been committed to deliver long-term value to its stakeholders.” The company has recommended a final dividend of 250 per cent on top of the 200 per cent interim dividend already paid during the financial year.

The company’s city gas distribution (CGD) networks span across 30 districts in 11 geographical areas, covering Delhi, Uttar Pradesh, Haryana, and Rajasthan.

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