New Delhi
Indraprastha Gas Limited (IGL), the largest CNG distribution company of the country, operating city gas distribution (CGD) networks across 30 districts in eleven geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan today announced impressive results for the quarter ending March 2024 and Annual Financial Results of FY’24.
Delivering a stellar performance, IGL has declared net profit of Rs 382.80 crores in Q4 of FY23-24, showing an increase of 16% over Rs.329.75 crores recorded in the corresponding quarter of the year FY22-23. The overall net profit in FY23-24 was Rs.1748.08 crores as compared to Rs.1445.02 crores in the previous financial year, showing a growth of 21%.
The turnover of IGL in Q4 of FY 23-24 was Rs.3949.17 crores as compared to Rs.4042.57 crores in the corresponding quarter of 2022-23. The gross turnover during the financial year 2023-24 was Rs.15403.13 crores as compared to Rs.15543.67 crores in the previous financial year 2022-23 primarily due to cooling off of international gas prices despite increase in sales volume.
The sales volume in the quarter increased from 8.25 MMSCMD in Q4 of 2022-23 to 8.73 MMSCMD in Q4 of FY’24 showing a volume growth of 7%. While CNG registered sales volume growth of 5% during the period, PNG showed overall sales volume growth of 11% during this quarter.
The average daily gas sale during the year 2023-24 was 8.43 MMSCMD as compared to 8.09 MMSCMD in FY’23 showing an overall growth of 4%. While CNG volumes registered a growth of 4 % in the fiscal, PNG sales volumes were up by 6% in FY 2023-24 over the previous fiscal.
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 stake holders. The board has recommended a final dividend of 250% for consideration of the members in Annual General Meeting in addition to 200% interim dividend already paid during the financial year.
After consolidating the financial results of two associate companies, CUGL & MNGL, the consolidated net profit after tax of IGL comes to Rs.1983.40 crore in 2023-24 against consolidated profit of Rs.1639.65 crore in FY22-23 showing an increase of 21% during the year.
About IGL: IGL has played a pivotal role in checking the vehicular pollution in the National Capital Region is well acknowledged at both National as well as International forums. IGL has well laid out its city gas distribution infrastructure in Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Karnal, Kaithal Fatehpur, Ajmer, Pal, Rajsamand, Hamirpur, Shamli, Muzaffarnagar, Banda and parts of Kanpur and Meerut, which consists of more than 25,000 Kms of pipeline network. IGL is meeting fuel requirements of over 1.7 million vehicles running on CNG through a network of over 850 CNG stations. IGL has connected over two and a half million households in these cities with PNG.
