IGL reports 29% YoY surge in consolidated Q4 profit at Rs 375 crore

Indraprastha Gas (IGL) has reported a Rs-375.10 crore consolidated profit for the fourth quarter of financial year 2020-21. This is 29 per cent higher than the Rs 290.76 crore consolidated profit reported by the company in the same period of financial year 2019-20

In a statement to the BSE, IGL said that the Company Board recommended a 180 per cent dividend. This translates to a dividend of Rs 3.6 per share (face value of Rs 2 each) for the financial year 2020-21. This is subject to approval of shareholders in the ensuing Annual General Meeting.

Consolidated total income during the period under review fell marginally to Rs 1,738.30 crores, down from Rs 1,742.46 crores in the fourth quarter of the previous financial year.

The company had faced pressure during the Covid-19 lockdowns for most of the year. But by the fourth quarter, Compressed Natural Gas (CNG) volumes rose 7 per cent to 438 million standard cubic metres (mscm). Piped Natural Gas (PNG) volumes for domestic and industrial consumers were also higher. There was a marginal dip in commercial PNG volumes. Total sales volumes stood 8 per cent higher at 614 mscm, up from 567 mscm.

On a net sales basis, CNG sales (net of excise duty) stood at Rs 1086 crores during the last quarter of financial year 2020-21. This is 2 per cent down from Rs 1108 crores CNG sales during the comparable quarter of 2019-20. PNG sales rose 6 per cent to Rs 455 crore during the same period.

For the full year 2020-21, CNG sales volumes was 22 per cent lower to 1,357 mscm while domestic PNG volumes were 20 per cent up to 169 mscm. Overall sales volumes stood 18 per cent lower at 1,944 mscm, down from 2,357 mscm a year ago.

Shares of IGL closed 0.088 per cent lower to Rs 513.35 a scrip at the BSE during trade on Friday.

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