Mumbai: Indraparastha Gas Ltd, which supplies gas in Delhi and surrounding region, aims to raise retail prices of Compressed Natural Gas (CNG) by about Rs1.10 per kg from 1 April, a senior official said.
Last week, the gas retailer had raised CNG prices by Rs0.5 a kg to Rs21.70 a kg.
“All input costs has to be passed through,” managing director Rajesh Vedvyas told reporters at the sidelines of a conference, as the state government has levied additional taxes.
The state-run firm plans to invest Rs15,000 crore over FY11 and FY12 to strengthen its CNG and piped Natural Gas distribution network, Vedvyas said.
“Every year we aim to add 1 lakh (100,000) new connections of piped natural gas.”
It expects gross turnover of Rs1,250 crore in the year ending March 2010 and aims to achieve close to 18 billion rupees turnover in FY11.
The company also expects growth in profit after tax at 15% for FY10 and 15-20% for FY11, Vedvyas added.
Indraprastha Gas has 187 CNG retail stations through which it sells about 1.5 million kg or 2.4 MMSCMD gas.
At 12:43 p.m. shares in the firm were trading down 0.47% to Rs222.85, in a Mumbai market that was up 0.07%.