Indraprastha Gas' consolidated net profit jumped 27.5% to Rs 290.76 crore on 0.6% increase in net sales to Rs 1,552.53 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) soared 16.7% to Rs 388.41 crore in Q4 March 2020 as against Rs 332.81 crore in Q4 March 2019. Current tax expenses slipped 1.7% to Rs 86.51 crore in Q4 March 2020 as against Rs 88.01 crore in Q4 March 2019.
The board recommended a dividend of Rs 2.80 per share for the financial year 2019-20. The Q4 result was declared post trading hours yesterday, 17 June 2020.
Due to the nationwide lockdown in March, there was lesser demand for natural gas due to restrictions in vehicular movements. The management voluntarily decided to close down some of its CNG stations. Similarly, the demand from industrial and commercial customers were also impacted due to the lockdown, the company said in a statement.
Indraprastha Gas (IGL) is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel.
Shares of Indraprastha Gas declined 4.21% to Rs 453.95 on BSE. It has traded in the range of Rs 452.50 and Rs 475 so far during the day.
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