NEWS :.
Press Release, New Delhi, 10 January, 2010
Indraprastha Gas Limited (IGL) the sole supplier of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in the National Capital Territory of Delhi, Noida, Greater Noida and Ghaziabad registered an overall growth of 53.86% in PAT in its third quarter.
As per the company’s 3rd quarter (October – December’09) financial results announced today, the company’s net profit for the quarter ending December’09 increased to Rs. 58.93 crore over a net profit figure of Rs. 38.30 crore in the corresponding period last year. During this period, IGL registered a turnover of Rs. 320.48 crore as compared to Rs. 247.56 crore in the corresponding period last year thereby registering a sales value growth of 29.46% in financial terms. Product wise, CNG recorded sales of Rs 284.26 crores, registering a growth of 28.4%, while PNG recorded sales of Rs 31.29 crores registering a growth of 19.6%.
IGL has already embarked on a massive expansion programme in NCT of Delhi as well as NCR to meet the growing demand of CNG users. There has been a heavy increase in demand due to all round conversion of vehicles to CNG and increased acceptability of PNG as a domestic fuel. In addition, there is a challenging task lying ahead of IGL for creating CNG infrastructure not only in NCT but all over NCR due to forthcoming world event – Commonwealth Games in 2010. Capex of Rs 1600 crore has been earmarked for expansion of infrastructure in FY’10, FY’11 and FY’12.
IGL has already initiated the process of setting up new CNG stations. Project work has already commenced at 21 nos. of new sites and allotment of twelve more sites is expected shortly. The company plans to add further 40,000 new PNG connections in the current financial year ending March 2010. IGL has already tied up its future gas requirements by signing Gas Sale Agreements with GAIL, BPCL and RIL.
The role of IGL in checking the vehicular pollution in Delhi is well acknowledged both at national as well as international forums. IGL has well laid out its city gas distribution infrastructure in Delhi, Noida and Greater Noida which consists of over 2000 Kms of pipeline network. 187 CNG stations have been created and the network has connected nearly 1,60,000 households. IGL is meeting fuel requirements of more than 3 lakh vehicles running on CNG in NCR.
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