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File 2.72 lakh fresh PNG connections equipped in FY20: Indraprastha Gas Ltd


India

File 2.72 lakh fresh PNG connections equipped in FY20: Indraprastha Gas Ltd

New Delhi: Indraprastha Gas Ltd, the gasoline retailer in the national capital and cities spherical it, on Monday acknowledged it gave out yarn 2.72 lakh fresh connections for piped cooking gasoline to household kitchens right by blueprint of the monetary one year 2019-20. Additionally, the firm situation up 55 fresh CNG stations right by blueprint…

New Delhi: Indraprastha Gas Ltd, the gasoline retailer in the national capital and cities spherical it, on Monday acknowledged it gave out yarn 2.72 lakh fresh connections for piped cooking gasoline to household kitchens right by blueprint of the monetary one year 2019-20.

Additionally, the firm situation up 55 fresh CNG stations right by blueprint of April 2019 and March 2020, taking the total decision of CNG stations situation to 557.

This become once introduced by IGL Chairman P Okay Gupta whereas addressing the shareholders at the 21st annual general meeting (AGM) of the company.

“Based on the massive push by the authorities to develop CNG and piped pure gasoline (PNG) infrastructure throughout the country, IGL equipped a yarn decision of two.72 lakh fresh PNG connections in 2019-20 in its areas of operation,” the company acknowledged in a assertion.

Addressing the shareholders, Gupta acknowledged that pushed by increased volumes, the glean income of IGL rose 44 per cent in 2019-20 to Rs 1,137 crores.

In some unspecified time in the future of 2019-20, total gross sales volume grew 9 per cent over the old one year with CNG recording 8.4 per cent growth in volumes and PNG recording volume growth of 12 per cent.

The consolidated income after tax (PAT) of IGL after pondering the contribution of the affiliate companies, specifically Central UP Gas Ltd (CUGL) and Maharashtra Pure Gas Ltd (MNGL), become once Rs 1,249 crores in 2019-20.

Giving an overview of future plans, he acknowledged the firm will consolidate its presence in present areas as effectively as develop in fresh geographical areas.

IGL, he acknowledged, has been aligning its blueprint to preserve the emerging opportunities in the town gasoline distribution (CGD) sector and to satisfy the prolonged flee challenges.

Reiterating IGL’s dedication to affirming uninterrupted gasoline present to its customers despite the challenges in the fresh monetary one year attributable to the onset of the pandemic, Gupta acknowledged IGL will continue its handiest efforts for growth and expansion of its network.

IGL, he acknowledged, has drawn up plans to situation up fresh CNG stations and kind pipeline infrastructure in its fresh areas of operations as effectively as newly obtained areas.

The price differential of CNG versus alternate gasoline, the spread of CNG infrastructure in fresh geographical areas and building of inexperienced corridors will continue to drive the conversion of petrol-pushed non-public autos to CNG mode, he acknowledged.

Gupta acknowledged IGL is aiming to enhance upon its yarn in domestic PNG connections with stiff targets.

Speaking about the provision of pure gasoline to the industrial sector, he expressed self belief that court docket orders to change furnace oil and petcoke with pure gasoline shall continue to drive growth on this segment.

IGL will likely be working on plans to situation up LNG/L-CNG stations, present consultancy services in setting up CGD initiatives, manufacturing of gasoline meters, promote uses of pure gasoline in dwelling dwelling equipment and likewise uncover fresh industry avenues, he acknowledged.

The shareholders permitted a dividend of 140 per cent at the AGM.

IGL has a city gasoline license to promote CNG to cars and PNG to households in Delhi, Noida, Higher Noida, Ghaziabad (in Uttar Pradesh), Rewari, Gurugram, Karnal, Kaithal, Fatehpur and Muzaffarnagar.

It sells CNG to over 11.5 lakh autos in NCR by blueprint of a network of 557 CNG stations. It also supplies PNG to almost 14 lakh households in these cities.

The pipeline network is being further expanded by IGL to duvet Ajmer, Pali and Rajsamand in Rajasthan, Shamli, parts of Meerut, Hamirpur and parts of Kanpur in Uttar Pradesh.

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