The compressed natural gas (CNG) volume growth will be around 10%, while piped natural gas (PNG) would be 15% and the revenue growth would be around 20% in FY19, said ES Ranganathan, Managing Director, Indraprastha Gas.
With the hike in crude oil prices, people prefer to use CNG gas vis-à-vis petrol, diesel and so it’s a boost for our sales, he said.
The company is looking at 2.5 to 2.75 lakh more piped gas connections in the current fiscal.
In FY18, the company added 30 new CNG stations taking the total number to 446 and this year would be adding another 35 stations, said Ranganathan.
Indraprastha Gas reported a decent set of earnings with profits in-line with estimates, while the earnings before interest, taxes, depreciation, and amortization (EBITDA) beat expectations.
The year-on-year fourth quarter CNG volumes were up 10%, PNG volumes were up 15% and the total volumes were up 11%.
The year-on-year Q4FY18 revenues were up 3.6% but net sales were down 4%.