IGL declares 2nd interim dividend of ₹10 per share, record date next week


The board of Indraprastha Gas Ltd. (IGL), a distributor of natural gas, authorised the declaration of the second interim dividend of 10 rupees per share for the fiscal year 2022–2023 on Thursday (FY23). In the afternoon dealings on the BSE, shares of IGL were trading slightly higher after hitting an intraday low of $439 per share.

“According to our letter of March 18, 2023, this is to tell you that the Board of Directors of the Company announced the Second Interim Dividend @ 500% i.e. 10/- per share (Face value of Rs. 2/- each) on the Equity Shares of the Company for the Financial Year 2022–2023 in its meeting held today. The record date for determining which shareholders are eligible to receive the aforementioned interim dividend will be March 31, 2023 (Friday), as stated in a letter dated March 18, 2023, the business stated in a statement with the stock exchange today.

Throughout the past year, Indraprastha Gas Ltd. has given an equity dividend of 8.50 per share. According to statistics from stock analytics platform Trendlyne, at the current share price, this yields a dividend of 1.93%.

IGL, which sells CNG and piped cooking gas in the national capital and other towns, reported an 11% decrease in consolidated net profit at 334 crore in October-December 2022 as compared to 374.7 crore a year earlier for the quarter ended December 2022 or Q3 FY23.

Operations revenue increased dramatically from $2,438 crore to $4,089 crore in the same period last year. Gross margins decreased 11% sequentially and 4.5% annually (QoQ). The average daily sale increased from 7.66 million standard cubic metres to 8.12 million standard cubic metres per day, according to a corporate statement, for the quarter ending December 2022, up 6% over the equivalent period in the previous fiscal.