Rs 4/Share Dividend: Large Cap PSU Gas Company Reports 29% Growth In Net Profit

Large cap state-run company operating in Gas & Petroleum sector Indraprastha Gas Ltd on November 1 reported a surge of 29% year-on-year (YoY) in its net profit to Rs 534.81 crore for the July-September quarter. The company also declared an interim dividend of Rs 4.00 per share of the face value of Rs 2/- each on the equity shares of the company for the FY 2023-24. The record date for the said interim dividend is November 15, 2023. Indraprastha Gas Ltd shares gained 2.27% in morning trade to 389.20 per share. Check details below:

Indraprastha Gas Ltd Declares Interim Dividend: According to the BSE filing of the company, "Further, we wish to inform that Board of Directors in its meeting held today, has declared interim dividend @ 200% i.e. Rs.4.00 per share (Face value of Rs.2/- each) on the equity shares of the Company for the Financial Year 2023-24. The record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be November 15, 2023 (Wednesday)."

Indraprastha Gas Ltd Stock Outlook & Return: Current market price of Indraprastha Gas Ltd stock on BSE is Rs 389.20 per share. The stock is witnessing a rally today after the company posted healthy results on November 1, 2023. The stock's 52-week high price is Rs 515.55 per share and 52-week low price is Rs 375.80 per share, respectively. The company's market capitalisation is Rs 27,195.03 crore. IGL stock declined 15% in last 2-weeks, fell 21% in last 6-months, slipped 8% in last 1-year, and again witnessed dip of 18% in last 2-years. In last 3-years also, IGL shares fell 3.96% and gave return of 38% in last 5-years. In last 10-years, IGL stock surged 589%.

IGL Quarterly Results: The company released a statement soon after the results saying, "The net profit for the quarter ending September 2023 increased by 29% to Rs 534.81 crore from Rs 438.40 crore in the corresponding quarter in the last fiscal. These are the standalone results for IGL only and do not include profits accruing from associate companies." IGL's unaudited Q2 results for the period ending September 30, 2023 reflected a growth of 3% in its overall sales volume as against the same quarter of last year. The company's total sales for the quarter under consideration stood at Rs 3804.35 crore, marginally down from Rs 3908.48 crore during the 2nd quarter of FY 2023 amid decline in global gas rates.

IGL About: IGL supplies PNG in all leading hotels, restaurants, malls, commercial complexes, educational/religious institutions and hospitals in various districts in and around Delhi-NCR under commercial sector. As such, IGL is ready to be your energy solutions provider - for commercial, industrial and transportation needs - all the while keeping your environment clean and expenses lean, according to its official website.

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