Indraprastha Gas Ltd shares rally more than 7% after strong Q4 results
Upstox
2 min read • Updated: May 8, 2024, 4:28 PM
Summary
Indraprastha Gas Ltd (IGL) experienced a notable uptick of over 7% on May 8, reaching an intraday high of ₹468.40 on the NSE, buoyed by its Q4FY24 results. Despite a minor decline in revenue from operations, the company saw a commendable 9% rise in net profit to ₹433.29 crore.
Shares of Indraprastha Gas Ltd (IGL) rallied more than 7% on Wednesday, May 8, to trade at an intraday high of ₹468.40 a piece on the NSE.
The gas distributor posted a consolidated net profit of Rs 433.29 crore for the fourth quarter of fiscal year 2023-24.
IGL Q4FY24 results
In its Q4 results released on May 7, IGL reported a decline of more than 2% in its revenue from operations which stood at ₹3,964.42 crore. The company’s revenue from operations stood at ₹4,056.44 crore in the corresponding quarter of the previous fiscal year. The company’s net profit grew by 9% to ₹433.29 crore in the quarter ended March of FY24. The company reported a net profit of ₹397.51 crore in the corresponding quarter of the previous fiscal year.
IGL FY24 Results
In FY24, the company reported a marginal decline of 0.8% in its revenue from operations to ₹15,456.53 crore from ₹15,589.80 in FY23. The company’s net profit grew 20.96% YoY to ₹1,983.40 crore from ₹1,639.65 crore in FY23. The company also announced a final dividend payout for FY24 of 250%.
Companies pay dividends to reward their shareholders. The face value of IGL’s shares is ₹2 per share which translates to a dividend of ₹5 per share.
“The Board also recommended final dividend @ 250% i.e. Rs.5 per share (face value of Rs 2 each) for the financial year 2023-24, subject to approval of shareholders in the ensuing Annual General Meeting,” the company said.
Indraprastha Gas shares closed around ₹452 a piece, up by over 3.58% on NSE after the stock opened around ₹430 a piece.