Indraprastha Gas (IGL) is working to grow volumes in the current financial year by expanding to newer geographies.
The company’s Managing Director Kamal Kishore Chatiwal also expects compressed natural gas (CNG) conversions to pick up during the year and this will help compensate volumes lost to electric vehicles (EVs).
In an interview with CNBC-TV18, Kishore also discussed the company’s outlook for FY25.
Kishore expects the volumes to be around 9.5 million metric standard cubic meters per day (mmscmd) in April-March 2024-25.
“We gave an exit guidance of around 9 million but achieved 8.73 in the last quarter. Full year it was 8.43. So next year, it will be 9.5 million per day, that is our guidance, slightly 2 to 3% lower than our estimate. The major reason has been declining volumes of DTC due to EV conversion,” he said.
He pointed out that the Delhi government wants to move more vehicles to EVs. IGL’s net profit grew 16% on a year-on-year (YoY) basis to ₹383 crore in the January-March quarter.
The market capitalisation of Indraprastha Gas is around ₹31,780.04 crore. Its shares have gained close to 14% in the past six months.
