In a massive push to expand coverage of clean cooking fuel, Indraprastha Gas Ltd (IGL) gave out 3.1 lakh new piped natural gas connections to households in the national capital and adjoining cities in 2020-21 despite the fiscal year being heavily impacted by COVID restrictions, its chairman Arun Kumar Singh said on Tuesday.
In addition, 62 new CNG stations were set up during this period to take the total number of CNG stations set up by IGL - the firm that retails CNG to automobiles and piped cooking gas to household kitchens in the national capital and adjoining cities - to 612.
Speaking at the company's annual general meeting, Singh said in the COVID affected year of 2020-21, IGL achieved a gross turnover of Rs 5,409 crore and PAT of Rs 1,006 crore.
The net worth of the company was over Rs 5,800 crore as of March 31, 2021.
With the improved situation, IGL is expected to perform better in 2021-22, he said.
Singh also gave an overview of 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 also 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 per cent in the annual general meeting to be paid to shareowners as recommended by the Board of Directors, a company statement said.
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