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Indraprastha Gas Limited (IGL) said in a statement that the company has provided 2.72 lakh new Piped Natural Gas (PNG) connections in 2019-2020 across its areas of operation.
It also added that IGL set up 55 new Compressed Natural Gas (CNG) stations during this period and took the total number of CNG stations set up by the company to 555 till March-end this year.
Addressing shareholders at IGL’s 21st Annual General Meeting, Chairman PK Gupta said that the net profit of the company in fiscal 2019-2020 was ₹1,137 crore, up 44 per cent over ₹787 crore in 2018-2019. The shareholders approved the dividend of 140 per cent in the AGM to be paid to share owners as recommended by the Board of Directors.
Total sales volume during the period also grew by 9 per cent over the previous year with CNG recording 8.4 per cent growth in volume and PNG recording volume growth of 12 per cent.
“The consolidated Profit After Tax of IGL after considering the contribution of the associate companies namely, Central UP Gas Limited (CUGL) and Maharashtra Natural Gas Limited (MNGL) was ₹1,249 crore in 2019-2020. The gross turnover of IGL had increased from ₹6,337 crore in 2018-2019 to ₹7,131 crore in 2019-2020, reporting a growth of 12.5 per cent,” a company statement said.
Gupta said that IGL has drawn up plans to set up new CNG stations and create pipeline infrastructure in its current areas of operations as well as newly-acquired areas. He added that the price differential of CNG versus alternate fuel, spread of CNG infrastructure in new geographical areas and building of green corridors will continue to drive the conversion of petrol-driven private vehicles to CNG mode.
Commenting on the supply of natural gas to industrial sector, Gupta was confident that directions of judiciary and statutory authorities to replace Furnace Oil (FO) and Petcoke with Natural Gas will drive growth in this segment.
IGL is also working on plans to set up LNG/LCNG stations, provide consultancy services in setting up CGD projects, manufacturing of gas meters, promote uses of natural gas in home appliances and also explore new business avenues, Gupta added.
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