Indraprastha Gas Limited (IGL), the largest CNG distribution company of India announced record numbers in all dimensions of its business during the financial year 2023-24. In line with the massive push by the government to expand CNG and PNG infrastructure across the country, IGL was able to provide over 3.3 lakh new PNG connections in 2023-24 in its areas of operation overcoming various hurdles. In addition to the above, 90 new CNG stations had been set up during this period, thereby taking the total number of CNG stations set up by IGL to 882. This was announced by Mr. R.K. Jain, Chairman, IGL, while addressing the shareholders at the 25th Annual General Meeting of the company in New Delhi today through virtual mode.
Addressing the shareholders, Jain informed that during the fiscal, IGL achieved gross turnover of Rs. 15,403 crore and PAT was Rs. 1,748 crore. The consolidated PAT of IGL after considering the contribution of the Associate Companies namely, Central UP Gas Limited (CUGL) and Maharashtra Natural Gas Limited (MNGL) was Rs. 1983 Crores. The net worth of the Company was over Rs 8552 Crores as on March 31, 2024. He added that IGL is confident to better its own performance in the ongoing financial year and the first quarter results bear testimony to that fact.
Jain also gave an overview of future plans of the organization involving consolidation of its presence in existing areas as well as expansion in new geographical areas. Referring to the diversification plans for future growth, he informed that IGL’s new joint venture company, IGL Genesis Technologies Ltd., is expected to start commercial production by December 2024 to manufacture meters as a step towards backward integration.
Highlighting IGL’s commitment to providing sustainable clean energy solutions, Mr. Jain informed that IGL is advancing initiatives under the Government of India’s SATAT (Sustainable Alternative Towards Affordable Transportation) program with plans to set up Compressed Biogas (CBG) plants and align with the CBG-CGD synchronization scheme. He also disclosed that IGL plans to explore strategic opportunities in solar energy, as well as setting up Liquefied Natural Gas (LNG) and Liquefied-to-Compressed Natural Gas (LCNG) stations on key highways.
Highlighting the customer centric approach adopted by IGL across its operations, Mr Jain shared that IGL is making conscious efforts to upgrade its services by leveraging cutting-edge technologies in all its customer operations. He informed that IGL has upgraded its IGL Connect mobile app for enhanced user experience and strengthened security with multi-factor authentication. Improvements in its Customer Relationship Management (CRM) system now allow for real-time SMS notifications for online payments, further promoting digital payments among customers. He also shared the initiatives undertaken in the areas of Health Safety and Environment as well as CSR.
Mr. Jain later replied to the questions of the shareholders alongwith Mr. Kamal Kishore Chatiwal, Managing Director and Mr. Mohit Bhatia, Director (Commercial).
The shareholders approved the dividend of final dividend of 250% (Rs 5/- per share) besides payment of 200% (Rs. 4 per share) as interim dividend for the Financial Year 2023-24 to be paid to shareowners as recommended by the Board of Directors.
