IGL holds its 25th Annual General Meeting, announces record financial figures for FY24
New Delhi: Indraprastha Gas Ltd (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 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 1,983 crore. The net worth of the Company was over Rs 8,552 crore 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.
The shareholders approved the dividend of final dividend of 250 per cent (Rs 5/- per share) besides payment of 200 per cent (Rs. 4 per share) as interim dividend for the FY24 to be paid to shareowners as recommended by the Board of Directors.