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May 8, 2024

Indraprastha Gas Soars 7% Following Strong Q4 Results; Net Profit Up 9%

Indraprastha Gas Soars 7% Following Strong Q4 Results; Net Profit Up 9%

Shares of Indraprastha Gas Ltd. (IGL) surged by 7% to Rs 468.20 per share on the BSE during Wednesday’s intraday trading session. This rise comes amidst a 0.40% fall in the S&P BSE, which stood at 23,221 levels. The surge follows the company’s announcement of robust financial performance for the fourth quarter of fiscal year 2023-24.

IGL reported a consolidated net profit of Rs 433.29 crore for Q4, marking a 9% increase from Rs 397.51 crore in the same period last year. However, the net profit saw a slight decline of around 9% from the previous quarter, ending December 31, where it stood at Rs 475.45 crore.

Revenue from operations for the quarter amounted to Rs 3,964.42 crore, slightly lower than the Rs 4,056.44 crore recorded in the same period last year. The earnings before interest, tax, depreciation, and amortization (EBITDA) for the fourth quarter totaled Rs 682.58 crore, marking a slight decline of around 3% from the previous quarter’s figure of Rs 702.65 crore.

During the quarter ending March 31, the company’s total volume reached 8.73 million metric standard cubic meters per day (mms cmd), indicating a 6% increase compared to the previous year. CNG volumes grew by 5% year-on-year, reaching 580 million scm, while both PNG (domestic) and PNG (industrial/commercial) saw significant increases of 17% and 12% in volumes, respectively, compared to the same period last year.

Additionally, the company’s board proposed a dividend of Rs 5 per share for the financial year 2023-24. Analysts at Motilal Oswal noted that the sales and profit after tax (PAT) of the company mostly met their expectations. However, the company missed estimates on EBITDA due to lower-than-expected margins.

As of 11:11 AM, the shares of the company were trading 5.86% higher at Rs 462.80 per share. Presently, IGL is trading at a price-to-earnings multiple of 25.70 times, indicating investor confidence in its growth prospects.

 

Jhumpa Lahiri

Jhumpa Lahiri

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