So, kya hai asal issue? Jab company ne Q4 ka detailed report nikala, toh dikha ki standalone income toh 5.74% badh kar ₹4,685.75 Cr ho gaya tha, par Net Profit gir kar ₹277.08 Cr pe aa gaya.
Pure saal ki baat karein toh, total income ₹18,329.68 Cr tak pahunchi, jo ki 8.41% up hai. But yahan bhi, profit ₹1,364.10 Cr pe simat gaya, jo last year se 7.05% kam hai. Iska reason? Bhai, revenue se zyada tezi se expenses badh gaye. Consolidated results bhi kuch aise hi dikhe, quarter ke liye ₹338.75 Cr aur saal bhar ke liye ₹1,543.51 Cr profit.
Achhi khabar yeh hai ki board ne 75% ka final dividend recommend kiya hai, matlab lagbhag ₹1.50 per share. Ab yeh kitna sustainable hai, woh aage dekhenge.
Ab dukhad baatein (jo investors ko chintit kar rahi hain): Sabse pehla toh woh Delhi Development Authority (DDA) wala chakkar hai, jisme ₹330.73 Cr ka contingent liability hai. Matlab, yeh paisa dena pad sakta hai kabhi bhi. Doosra, inki subsidiary, IGL Genesis Technologies, interest payment pe default kar gayi. Yaani, subsidiaries ki financial health pe bhi sawaal uth raha hai.
Aur toh aur, New Labour Codes ke liye bhi ₹28.96 Cr ka provision kiya hai future ke liye. Matlab, future mein bhi kuch costs badh sakti hain.
Company toh apna City Gas Distribution network badha rahi hai, demand bhi achhi hai, yeh sab theek hai. Lekin competitors jaise Mahanagar Gas (MGL) aur Gujarat Gas (GGL) ko bhi aise hi rate fluctuations aur regulatory changes face karne padte hain. Toh IGL ko ab apna cost management aur pricing power strong karna hoga.
Overall, revenue growth achhi hai, par profit margins pe pressure hai. Investors ko ab IGL ke cost management, DDA issue ke resolution, aur subsidiaries ke performance pe nazar rakhni hogi.