Share of Indraprastha Gas rose over 6% today after India’s largest CNG distribution company, reported a 31 per cent rise in January-March net profit on the back of an increase in sales volume.
Indraprastha Gas stock touched an intraday high of Rs 544.85, rising 6.32% on BSE. The stock has gained after 4 days of consecutive fall. Indraprastha Gas share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 20.42% in one year and risen 6.13% since the beginning of this year.
Later, the stock closed 3.98% higher at Rs 532.45 on BSE.
Market cap of the firm rose to Rs 37,299 crore.
Total 3.66 lakh shares changed hands amounting to turnover of Rs 19.63 crore on BSE.
The gas selling firm reported a net profit of Rs 332.08 crore in Q4 against Rs 252.63 croreprofit in the previous year.
Turnover rose marginally to Rs 1,700.52 crore from Rs 1,697 crore in January-March 2020.
“Overall sales volume was 614 million standard cubic meters in Q4 of 2020-21 as compared to 567 mmscm in Q4 of 2019-20 showing a growth of 8 per cent. While CNG registered sales volume growth of 7 per cent, piped natural gas (PNG) showed overall sales volume growth of 11 per cent during the quarter,” it said.
In the full 2020-21 fiscal year, net profit slipped 11 per cent to Rs 1,005 crore as volumes were “heavily impacted by the nationwide lockdowns leading to highly restricted mobility on the roads.”
The average daily gas sale during the fiscal was 5.33 million standard cubic meters per day as compared to 6.44 mmscmd in 2019-20 due to the pandemic restrictions during a major part of the year.
The board of the firm recommended a dividend of 180 per cent for consideration of the members in the Annual General Meeting.
IGL operates city gas distribution (CGD) networks across 27 districts in 10 geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan.