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.

“Further to our letter dated March 18, 2023, this is to inform that Board of Directors of the Company in its meeting held today has declared 2nd 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 2022-23. As informed vide letter dated March 18, 2023 the record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be March 31, 2023 (Friday),” the company informed in an exchange filing 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%.

For the quarter ended December 2022 or Q3 FY23, IGL, that retails CNG and piped cooking gas in the national capital and other cities, reported 11% drop in consolidated net profit at ₹334 crore in October-December 2022 as compared with ₹374.7 crore a year back.

Revenue from operations soared to ₹4,089 crore from ₹2,438 crore in the year-ago period. Gross margins declined 4.5% year-on-year (YoY) and 11% quarter-on-quarter (QoQ). “For the quarter ending December 2022, IGL registered an overall sales volume growth of 6% over the corresponding quarter in the last fiscal, with the average daily sale going up from 7.66 million standard cubic meters to 8.12 million standard cubic meters per day,” a company statement had said.