PremiumThe net worth of IGL – that retails CNG to automobiles and piped cooking gas to household kitchens in the national capital and adjoining cities – was over ₹5,800 crore as of March 31, 2021
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Despite the Covid-induced heavy restrictions, the Indraprastha Gas Ltd (IGL) managed to give out a record 3.1 lakh new piped natural gas connections to households in Delhi and adjoining areas in 2020-21, the company said on Tuesday.
Speaking at the company's annual general meeting, its chairman Arun Kumar Singh said that 62 new CNG stations were also set up during the period, taking the total number of IGL CNG stations in the national capital to 612.
As per Singh, this was a massive push to expand coverage of clean fuel even as the company, in the Covid affected year of 2020-21, achieved a gross turnover of ₹5,409 crore and PAT of ₹1,006 crore.
The net worth of the firm – that retails CNG to automobiles and piped cooking gas to household kitchens in the national capital and adjoining cities – was over ₹5,800 crore as of March 31, 2021.
With the improved situation, IGL is expected to perform better in 2021-22, said Singh. He also gave an overview of the future plans of the organization involving the consolidation of its presence in existing areas as well as expansion in new geographical areas.
"IGL has forayed into electric vehicle segment and has plans to set up around 50 EV charging stations to cater two wheelers/three wheelers by the end of this financial year," he said.
He informed the shareholders about the successful use of type IV cylinders in long-haul buses to promote the usage of CNG in interstate transport.
Reiterating IGL's commitment to maintaining uninterrupted gas supply to its customers despite the challenges due to Covid-19, Singh assured that IGL will continue its best efforts for the growth and expansion of its network.
Given the price differential of CNG versus alternate fuels, the spread of CNG infrastructure in new geographical areas and the building of green corridors will continue to boost the growth of CNG business, he said.
While explaining the progress on the PNG front, he stressed that IGL is aiming to improve upon its record in domestic PNG connections with stiff targets.
He also informed that IGL is 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 exploring new business avenues.
The shareholders approved the dividend of 180% in the annual general meeting to be paid to shareowners as recommended by the Board of Directors, a company statement said.
With inputs from agencies.
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