Indraprastha Gas Ltd Announces 41% Boost in Q3 Net Earnings Amid Increased Need for Cleaner Fuels

The Reader Wall Google News

Indraprastha Gas Ltd Reports Significant Profit Boost

Indraprastha Gas Limited (IGL), a premier Compressed Natural Gas (CNG) retailer in India, has seen its third-quarter net profit soar. Profits catapulted by 41% for Q3 of the current fiscal year, reaching a significant INR 392.07 crore (up from INR 278.26 crore during the analogous period the prior year). The primary factors driving this rise are increased CNG sales and expanded piped cooking gas distribution to residential and industrial sectors. These figures originate from Reader Wall’s reliable reporting.

Impressive Growth Courtesy City Gas Distribution

IGL’s main operations revolve around City Gas Distribution (CGD) networks, essential infrastructure for the supply of natural gas services to diversified sectors. IGL’s positive financial results reflect the broader acceptance of CNG as a cleaner fuel choice. It cements CNG’s integration within the transport sector and its extensive use as an eco-friendly option for domestic cooking purposes. This growing demand is particularly noteworthy in the context of India’s evolving energy landscape committed to combating pollution and reducing dependence on conventional fossil fuels.

National PNG Drive and India’s Sustainable Energy Vision

The Petroleum and Natural Gas Regulatory Board (PNGRB) has initiated an extensive campaign, the National PNG Drive, echoing the Prime Minister’s aspiration of augmenting the proportion of natural gas in India’s energy mix to 15% within the next decade. This initiative, executed in partnership with City Gas Distribution entities, seeks to stimulate the acceptance of Piped Natural Gas (PNG) among households and broadening its reach to diverse consumer groups. This campaign targets regions that currently have or are slated to have a functional gas pipeline network, thereby extending natural gas supply to existing registered consumers while simultaneously enrolling new customers for PNG connections.

Transition to a Gas-Based Economy

This campaign’s expansive agenda includes setting up 12.5 Crore domestic PNG connections and the establishment of 17,751 CNG stations by 2032. As of November 30th, 2023, India has already installed 1.2 Crore domestic PNG connections and 6,159 CNG stations. The initiative calls upon all stakeholders- from state governments to local bodies – to collaborate for promoting sustainable and clean energy solutions. The transition to PNG is boosted through various promotional activities like door-to-door campaigns and road shows that emphasize PNG’s convenience and cost-effectiveness as a superior alternative to traditional cooking fuels.

Part of the campaign’s objectives is to lower reliance on imported conventional fuels, including LPG, and traditional fuels such as firewood and cow dung, cited as detrimental to health. Upon successful nationwide implementation, the National PNG Drive will effectively contribute to decreased pollution levels and improved air quality. It will also bolster India’s objective of a greater share for natural gas in its energy basket. This initiative signals India’s significant stride towards shaping a sustainable and eco-friendly energy framework, a crucial stepping stone in fulfilling its vision of becoming a major gas-based economy.

Anna Parker

Anna Parker, a distinguished author in the realm of business literature, brings a wealth of expertise to ReaderWall. With a profound understanding of corporate dynamics, Parker's insightful works offer invaluable insights into leadership, strategy, and organizational excellence. Explore her thought-provoking writings on ReaderWall's Business category and elevate your understanding of the business world.