Mahanagar Gas Declares Final Dividend Of Rs 18 Per Share

Mahanagar Gas Ltd. has announced a final dividend of Rs 18 per equity share for fiscal 2024, which will be paid after approval from shareholders at the ensuing annual general meeting. The company announced distribution of Rs 177 crore to shareholders in the fourth quarter of the previous fiscal.

The company on Feb. 5, 2023, had issued an interim dividend of Rs 12 per share, the company said in an exchange filing on Thursday. In total, the company has paid a dividend of Rs 30, and it will distribute Rs 296 crore to shareholders for fiscal 2024.

In comparison, in August 2023, it had issued a total dividend of Rs 26. In FY22, the company gave a total dividend of Rs 25.

In the fourth quarter, the company reported 20.46% drop in net profit at Rs 252.26 crore and a revenue gain of 2.76% at Rs 1,612.61 crore.

Shares of Mahanagar Gas closed 3.55% lower at Rs 1,329.85 apiece, as compared with a 1.55% decline in the Nifty 50.