Indraprastha Gas Director Discussions


The Members

Your Directors have pleasure in presenting the Twenty-fourth Annual Report and the Companys audited financial statements for the Financial Year ended March 31, 2023

Physical Performance

During the year, the Company recorded sales as under:

Figures in Million Standard Cubic Meters (mmscm)

For the Year For the Year % Change
Product 31 March 2023 31 March 2022 (YoY)
Compressed Natural Gas (CNG) 2208.92 1846.83 19.61
Piped Natural Gas (PNG) 743.04 703.97 5.55
Total 2951.96 2550.80 15.73
Average Sales / per day (mmscmd) 8.09 6.99

Financial Results

The Companys financial performance for the year ended March 31, 2023 is summarised below:

(in crores)

For the Year For the Year
Items 31 March 2023 31 March 2022
Net Sales & Other Income 14,407.76 7925.00
Profit before Depreciation & Tax 2,291.10 2082.94
Depreciation 363.36 317.06
Profit before 1927.74 1765.88
Provision for tax 482.72 450.93
Profit after tax 1445.02 1314.95
Other comprehensive income 0.39 1.35
Total comprehensive income 1445.41 1316.30
Retained Earnings – opening balance 6492.65 5428.35
Add : Profit for the period 1445.02 1314.95
Profit available for appropriations 7937.67 6743.30
Dividends 1295.00 252.00
Corporate dividend tax - -
Transferred to general reserve - -
Other comprehensive income recognised directly in retained earnings 0.39 1.35
Retained Earnings – closing balance 6643.06 6492.65

Financial Reviews

During the year, the gross turnover of the Company has increased from Rs. 8442.83 Crores in FY 2021-22 to Rs. 15542.67 Crores in FY 2022-23 showing an increase of 84.09%.

The Profit After Tax (PAT) increased by 9.89% from Rs. 1314.95 Crores in FY 2021-22 to Rs. 1445.02 Crores in FY 2022-23.

The Company has prepared the Consolidated Financial Statements also which includes the Companys share of profit in its Associates combined on an equity method in accordance with Ind AS 28 - "Investment in Associates and Joint Ventures". The consolidated PAT during FY 2022-23 is Rs. 1639.65 Crores against Rs. 1502.27 Crores in the previous year.


The Board of Directors has not recommended final dividend for FY 2022-23 as during the financial year, the Company has declared two interim dividends of 210 crores (3 per share) & 700 crores (10 per share) in the months of January & March, respectively.

The Company has Dividend Distribution Policy in terms of the requirement of SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015. The Policy is available on the website of the Company under the web-link: https://www.

Performance Highlights

Compressed Natural Gas Business

During the year, your Company augmented CNG infrastructure in its Geographical Areas. The Company achieved a new milestone by setting up 792th CNG station in FY 2022-23. In FY 22-23, 81 new CNG stations were commissioned and capacity enhancement/upgradation was done at 26 numbers CNG stations, the highest ever in a financial year. With these achievements, the Company has achieved total compression capacity of 97 lacs kgs per day and is catering to around 17 Lacs vehicles.

The Company provides prepaid card facility for its CNG customers in order to promote digital payments. Till now more than 175000 prepaid cards are under circulation catering to approx. 1.9 lacs vehicles. Company has taken more initiatives in Digital Payments at CNG stations for the benefit of customers, wherein UPI payment can be made at CNG stations through wallet payments mode. The Company has also tied up with Bhim UPI for enabling UPI payments collection from all modes of payment. The combined effort towards digital payment collection has helped in a growth of 25% in digital payment collection this year vis-?-vis last year.

Company has conducted joint promotion activities with Maruti, Bajaj, Mahindra, Ford and Hyundai at the CNG stations. Due to constant interactions with the car manufacturers, they have launched company fitted CNG variants, which are becoming popular among the customers and thus boosting the sales of CNG.

The Company has conducted pilot project in FY 22-23 with one of the aggregator to integrate our CNG dispensers with the POS machines through which customers are getting automated receipt after refuelling. This has increased the customer convenience at large.

Piped Natural Gas Business

PNG - Domestic Connections

PNG continued to be focus area of the Company during FY 2021-22. The Company provided more than 3.10 Lacs new connections during the year 2022-23. In order to create the PNG awareness further amongst target customers, a successful campaign was run during the year.

Your Company increased its steel pipeline network from 1,571 kms in FY 2021-22 to 1,868 kms in FY 2022-23 and its MDPE network from 17,240 kms in FY 2021-22 to 20,632 kms in FY 2022-23.

Your Company has taken many innovative initiatives like low cost promotional campaigns, promotions through e-rickshaw especially targeting urban villages/ rural areas, womens meet, display of IGL promotional boards with QR codes across residential societies, bulk messaging to potential customers, circulation of advertisement banners & messages on RWA WhatsApp group, promoting registration through IGL website & call- centres and launching of customer-centric attractive registration schemes to motivate customers to opt PNG.

While continuing with its mission to enhance customer experience, Your Company achieved significant milestones by leveraging technology and embracing digital innovations. OTP and e-POD based bill delivery has been implemented for secure and efficient communication. The bilingual new PNG bill form caters to diverse language preferences, ensuring effective communication with the customers. Your company surpassed the milestone of 1 million electronic bill delivery subscribers, demonstrating the commitment to embracing modern platforms. Online payments reached an impressive 97% adoption rate, highlighting the convenience and ease of Companys digital payment options. Furthermore, self-billing option was promoted through digital awareness camps, empowering customers to generate accurate bills at their convenience. These accomplishments exemplify your companys dedication to leveraging technology and customer-centric solutions, driving an exceptional experience for the valued customers.

The Company had total 23.70 Lakh connections in Delhi & other geographical areas as on March 31, 2023.

PNG – Commercial & Industrial

During the year, your Company continued its thrust on the Commercial & Industrial segment which is one of the potential growth areas in the upcoming years. Your Company achieved sales volume of 292 MMSCM in Industrial Segment in FY 2022-23. In Commercial segment your company achieved a growth of around 30% in sales volume i.e. from 50.81 MMSCM in FY 2021-22 to 72.25 MMSCM in FY 2022-23. In terms of number of customers, the industrial customer base increased from 3358 in March 2022 to 3,913 in March, 2023 and commercial customer base increased from 4357 in March, 2022 to 5,108 in March 2023.

In Delhi, Delhi Pollution Control Committee (DPCC) has banned all other industrial fuels except PNG and has advised all industrial customers (wherever PNG is available) to switchover to PNG. The Commission for Air Quality Management (CAQM) has also directed switching over of DG sets to PNG and Dual fuel (PNG+Diesel) mode in Delhi and NCR. Your Company has efficiently co-ordinated to implement the mandate given by DPCC and the CAQM by facilitating industrial customers for smooth switchover to PNG supply. In this regard, your Company has been able to convert all polluting industries located in NCT of Delhi to PNG supply. In order to curb down air-pollution levels and to increase natural gas volumes, your Company has targeted diesel genset segment, wherein PNG is replacing usage of diesel in gensets. IGLs PNG network is widely available among various Industrial & Commercial clusters of Delhi and NCR towns of Ghaziabad, Gautam Budh Nagar,Hapur, Muzaffarnagar, Gurugram, Rewari & Karnal. Your Company is working with a focused approach to further expand/ strengthen pipeline network by providing last mile connectivity to the Industrial &

Commercial establishments in existing areas where pipeline grid is available and expand pipeline network to cater to other industrial areas.


In industrial & commercial segment 2110 new registrations were completed during the FY 2022-23 and pipeline laying was started in new areas like Hapur in Uttar Pradesh, Mahipalpur, & Paharganj in Delhi. Your Company is also expanding its network to new Geographical Areas (GAs) like

Muzzaffarnagar, Meerut & Shamli, Kanpur (other than area already authorized), Fatehpur & Hamirpur, Ajmer, Rajsamand

& Pali,and Banda & Chitrakoot to cater the demand of Industrial & Commercial segment.

Your Company is also working in a collaborative and participatory approach with state Pollution Control Boards, so as to work out an action plan to convert all industrial and commercial units to PNG (wherever IGLs PNG network is available). To further expand its footprint, your Company has been able to execute Gas Sale Agreements (GSA) with

Industrial & Commercial Customers in Karnal, Gurugram, Rewari & Ajmer Geographical Areas (GAs) and also started supplying PNG which would facilitate increase in consumption of Natural Gas (NG) volumes.

Associate Companies

Central U. P. Gas Limited (CUGL)

CUGL is engaged in City Gas Distribution in the cities of Kanpur, Bareilly, Jhansi and Unnao in Uttar Pradesh. Your Company holds 50% of the paid-up equity share capital of CUGL.

CUGL achieved a gross turnover of Rs. 746.71 Crores and

Profit After Tax of Rs. 85.36 Crores for the financial year ended March 31, 2023.

Maharashtra Natural Gas Limited (MNGL)

MNGL is in City Gas Distribution business in Pune, Pimpri, Chinchwad, Chakan, Talegaon and Hinjewadi, Nasik GA (Nasik, Dhule & part of Valsad), Sindhudurg GA in the state of Maharashtra and Ramanagara GA in the state of Karnataka. Your Company holds 50% of paid-up equity share capital of MNGL. MNGL achieved a gross turnover of Rs. 2700.19 Crores and

Profit After Tax of Rs. 421.91 Crores for the financial year ended March 31, 2023.

The statement containing the salient features of the financial statements of Companys Associates pursuant to the first proviso to sub-section (3) of Section 129, is appended as

Annexure 1 to this Report.

Future Outlook

In line with Companys mission and vision, your Company has been working on various new strategic and business opportunities to secure its position in dynamic and competitive environment and is looking for organic as well as inorganic growth as part of its corporate strategy. Further, in line with governments mission to achieve net zero, your company has been working on various projects aiming to reduce carbon emissions.

EV Infrastructure & EV landscape:

As per Companys diversification strategy, your company is looking forward to setup EV Charging facilities at various sites (including IGL CNG Stations); your company has already commissioned 4 fixed EV Charging stations in NCT of Delhi which are operational. More number of fixed EV Chargers for various vehicle segments are under installation at several sites in Delhi.

Your Company has already rolled out its battery swapping facility for 2 Wheeler segment in collaboration with leading EV OEM under the name "Energy Caf?". 2 Nos. of Battery swapping facilities have been installed and commissioned. It is planned to commission more battery swapping facilities in near future.

Besides above, in order to explore the investment opportunities in EV value chain viz. EV Charging Infrastructure, EV – 2W/3W manufacturing, EV Components, Battery Manufacturing/Assembling Manufacturing of EV Chargers etc., your company is in discussion with reputed parties for possible collaborations.

Apart from above, your Company has tied-up with United Nations Development Programme (UNDP) for setting up EV chargers at IGL CNG stations.

Your Company has also been appointed as a Nodal agency by Delhi Government to develop EV Charging infrastructure in two districts of Delhi and Govt. Lands are being allocated to IGL for setting up of EV charging stations.

Renewable Space:

Your Company is also exploring usage of renewable energy source in place of conventional grid power, which will be a step towards carbon emission reduction and net zero. In addition, IGL has installed and commissioned rooftop solar power plant of 500 KW at one of the Gaushalas in Delhi and on similar lines few more rooftop solar power facilities of up to total 5 MW would be installed at suitable identified sites in Delhi. IGL has also installed a 21 KW solar power plant at IGL

Bhawan rooftop. Your company is also exploring investment opportunities in renewable energy projects like solar power generation plants.

Long-Haul Transportation:

Your Company is actively exploring conversion of Long

Haul Transport from pollutant fuel (Diesel) to cleaner fuel (CNG) of various State Transport Undertaking (STUs) towards conversion of their vehicles on CNG. A diesel bus of Rajasthan State Road Transport Corporation (RSRTC) has been converted on CNG as Proof of Concept. IGL is also in discussion with possible stakeholders like private owners of tractors, CNG kit retro-fitters, CNG Kit manufacturers for conversion of Diesel tractors onto CNG. With the recent easing of CNG prices, it is envisaged that this activity of conversion will pick up pace.

Green Hydrogen:

Your Company is also exploring the possibilities of putting up

Green Hydrogen generation plant for blending with natural gas for which a detailed feasibility study has been carried out by a leading consultant and a detailed assessment of green hydrogen project is being carried out with subject matter experts (SME). A pilot project on production of Green

Hydrogen and blending of hydrogen in IGL gas network is planned at Dasna, Ghaziabad. Your Company has entered into an MOU with ACME Group to jointly explore the potential business opportunities of green hydrogen. The companies will work jointly to promote the adoption by customers and create demand for green hydrogen in the Country.


To develop LNG/LCNG eco system, your company has setup one LNG/LCNG station at Ajmer and commercial operations have also started. In addition, 5 more locations on Golden Quadrilateral (GQ) Highway are being identified towards setting up of LNG/LCNG stations.

DIMTS has added 242 new CNG buses in FY 22-23 in their fleet which helps to increase CNG sales of the Company. Maruti Suzuki, Hundai, Tata Motors & Toyota introduced new variants of CNG vehicle in FY 22-23 which has increased the

CNG sales from private passenger vehicles and it expected to grow further in coming Financial Years.

Compressed Biogas (CBG):

Your Company is actively participating under SATAT (Sustainable Alternative towards Affordable Transportation) initiative of MoPNG & issued Letter of Intent(s) to facilitate waste management and promote use of Bio-Gas. The Company is pleased to mention that CBG offtake has been started from 3 Nos. of the CBG plants during last fiscal year under SATAT & CBG-CGD synchronization scheme. The company is also working on opening of new avenues by setting up of its own Compressed Biogas Plants under GOBAR-DHAN scheme & Waste to Energy initiatives of the government. Project activities for establishing of a 100

Tonnes Per Day, Waste to Energy plant has been initiated at one of the sites in Delhi under MoU with MCD.

Allied equipment manufacturing:

As, CGD sector is fast emerging and number of players are setting up CGD network in various parts of the country, there would be a good demand of CGD related equipment. Hence, as part of backward integration, IGL is exploring to setup manufacturing units of allied equipment. Manufacturing facilities for other equipment like compressors, type 4 cylinders etc. are also being explored keeping in view the sectoral as well as captive demand.

IGL has entered into an MOU with Bharat Heavy Electricals

Limited (BHEL) for exploring setting up of manufacturing facility of Type IV light weight cylinders for CNG &/or Hydrogen use.

Joint Venture

Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Private Limited (Genesis) have entered into Joint Venture Agreement to set up Integrated Smart Meter Manufacturing

Plant with Capital Expenditure of Rs. 1100 millions. Joint

Venture between IGL and Genesis have equity participation from both the partners in the ratio of 51:49, respectively. Initially, the Smart Meter Manufacturing Plant shall have installed capacity to manufacture 1 Million Meters annually, and is planned to be operational by April 2024.

A Joint Venture Company between IGL and Genesis named as IGL Genesis Technologies Limited has been incorporated on June 15, 2023.

Acquisition and Investment in other companies:

Your Company is actively considering acquisition of other CGD companies as and when any such opportunity is there in the market.

Your Company also intends to invest in budding Start-Ups to give a boost to the Governments Start-Up India flagship initiative and to derive long term benefits.

In order to have substantial footprints outside the core business, many other avenues like ethanol production facility, Green third party logistics, acquisition of Project Management Consultant Company, etc. are also being explored.

Information Technology

Your Company has already laid a robust and advanced technology foundation to keep pace with the business needs amid continuous expansion in geographical areas and a growing customer base. The technology foundation based on SAP ERP as a business application and supported by a plethora of various employees and customer-centric portals, continue to support the mission and vision of IGL along with ensuring operational efficiency and customer delight.

Your Company has always appreciated the significance of effectively connecting with the customers for which there is no better way than having an updated, user-friendly and interactive website. IGLs website was re-designed, redeveloped and enhanced with the latest web technology to render enriching user interface, optimized content and incorporating best practices and performance parameters.

Your Company has also focussed on upgrading other modes of customer interaction through IGL connect mobile app and customer portal to include new functionalities viz. improved user interface, digitalization of Gas sales agreement for Industrial and commercial customers, secure OTP-based user authentication etc. Various optimizations in CRM processes were also performed resulting 70% reduction in ticket-saving time to improve call centre Average Handling Time (AHT) etc

Your Company has also considered the upgradation of our Enterprise Content Management solution comprising of efficient business document storage and archival system, which has also enabled achieving generation and delivery of customer invoices at a record pace through various channels viz. email, SMS and WhatsApp.

The core infrastructure supporting the business applications was also upgraded and strengthened by the installation of the most advanced flash system-based Storage Area Network having very high throughput/performance and extremely low latency for enabling extremely fast reading and writing of data.

With an objective to achieve operational excellence and improve work efficiency, the existing Bill watch system and

File tracking system were upgraded using open source technology and also integrated with SAP for enhanced track-ability, transparency and visibility of vendor invoices and file approval.

Your Company has been realizing the risk associated with the growing cyber security threats, which is currently the top concern of organizations globally. Various steps to enhance the security posture of your company have been taken including completion of the Vulnerability and Penetration

Testing exercise, Cyber security Assessment, revamping of physical security in the data centre, Cyber security awareness training along with regular sharing of guidelines, updates, dos and donts on various communication channels.

Human Resources

Your Company realizes that the challenges of the future can be best met with competent and motivated human resources.

The Company is taking various HR initiatives to add value to its pool of human talent and integration of individual goals with that of Company. Company is reviewing HR and Employee related Policies /benefits for its employees to make them more competitive and aligned with industry practices.

Learning and Development of employees forms an integral part of the Companys Policy towards accomplishing organizational goal. The continual imparting of training, both technical and non-technical, is necessary for the growth of employees. During the year, employees were provided with the best of trainings viz. Nayi Urja, Nayi Disha, Cathodic Protection, HSE, Management Development Program (MDPs) LNG/ EV / Hydrogen etc.

During the year, employees were encouraged to participate in various events like Cyclothon, IGL Cricket Tournament, Delhi Half Marathon, Preventive Health Check-ups etc. to take care of employees health & fitness.

The Company also inducted various young professionals at entry level to infuse talent in the professional arena. The comprehensive class room as well as on-site induction training has also been imparted to new GETs prior to their deployment. Your Company has maintained harmonious cordial and healthy relations among employees.

Your Company recognizes and appreciates the contribution of its employees in its growth path.

Health Safety and Environment (HSE)

Your Company emphasizes creating safety awareness among consumers by organizing safety awareness camps at PNG customer doorsteps and safety camps at CNG stations to sensitize CNG consumers. To educate the community and society at large, your company also broadcasts safety messages from time to time through FM radio, print media, digital media, and social media.

Safety is a line responsibility, so all employees of your organization are responsible and accountable for safety, health, and environmental protection. They demonstrate strict adherence to the HSE policy.

The Company has stressed the importance of implementing the Nine Life Saving Rules to further strengthen site safety requirements. It has been continually improving to create a healthy and safe working environment across all installations.

For all newly allocated geographical areas and for the NCT of Delhi & NCR Geographical Area, your company has had its Emergency Response and Disaster Management Plan (ERDMP) approved by a PNGRB-approved third-party inspection agency. Emergency response and preparedness are frequently assessed by conducting mock drills at regular intervals.

Being one of the largest and most matured CGD companies, your company has also participated in various conferences and workshops to make the new City Gas Distribution companies, especially the ones promoted by OMCs, aware about the challenges and best safety practices involved in the City gas distribution sector.

In recognition of its efforts towards Health, Safety, and Environment, your company was awarded the Safety Innovation Award from the prestigious Institute of Engineers (IOE) and the Certificate of Appreciation from the National Safety Council (NSC) in 2022.

Your Company is an ISO 45001:2018, ISO 9001:2015, ISO 14001:2015, and ISO 50001:2018 certified company. This demonstrates the highest level of structure and commitment from all levels of the organization to keep safety, quality, environment, and energy management systems as its top priority and value.

The company adheres to all legal and statutory requirements applicable to its business operations as a minimum standard and aspires to achieve recognized world-class performance.

Corporate Social Responsibility

Your Company is abundantly cognisant of its Corporate

Social Responsibility (CSR) that explores ethical and social aspects of its action and impact that it would make on the society. For your company, CSR aims to contribute to societal goals by engaging in primary focus areas such as health, education, empowerment of women and underprivileged, skill development on which most of the CSR programmes were focussed during the FY 2022-23.

Your Company undertook flagship project "IGL Swastha Saarthi" wherein the preventive healthcare program was conducted for auto and taxi drivers in Delhi and NCR region involving medical check-up camps at various CNG stations. Your company also reached out to various communities and villages through healthcare CSR programmes like "Jan Aarogyam" and "Nayan Hans". Through "Project Roshni", IGL contributed towards preventive eye care and health checkup for students of government schools in Karnal district. In addition, healthcare initiatives for communities have been taken in various new geographical areas where IGL has started its operations. The company has also focused on empowerment of specially abled across its geographical areas of operation by providing them artificial limbs and special skills.

Considering the need to empower women, IGL contributed in imparting Self Defence training program for school girls and also providing them various skills to enhance employability. Your company has special focus on employment enhancing skill development programmes for underprivileged sections of the society, wherein skills relating to gas plumbing, fitter, tailoring etc. were provided. In addition, your company has also been supporting meritorious students from underprivileged strata of society for specialized coaching for entrance examinations for engineering and civil services examinations.

The annual report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules,

2014, is appended as Annexure 2 to this report.

Directors Responsibility Statement

Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, your Directors hereby confirm that:

i. In the preparation of Annual Accounts for the financial year ended March 31, 2023, the applicable accounting standards have been followed;

ii. They have selected such accounting policies and applied them consistently except where otherwise stated in the

Notes to Accounts and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. They have prepared the Annual Accounts for the Financial Year ended March 31, 2023 on a going concern basis;

v. They have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

vi. They had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.


Shri R.K. Jain nominee of GAIL (India) Limited (GAIL) was appointed as Chairman of the Company w.e.f. January 14, 2023. Shri Kamal Kishore Chatiwal, nominee of GAIL, was appointed as Managing Director of the Company w.e.f. June 15, 2023, Shri N. Ramakrishnan, nominee of BPCL, was appointed as Director w.e.f. March 30, 2023 and Shri Shyam Agrawal was appointed as an Independent Director of the Company w.e.f. December 6, 2022. Shareholders of the Company have also approved the appointments through Postal Ballot of Shri N. Ramakrishnan & Shri Shyam Agrawal as Director and Independent Director of the Company, respectively.

Shri Arun Kumar Singh ceased as Chairman and Director of the Company w.e.f. October 23, 2022. Shri Sukhmal Jain was appointed as Chairman of the Company w.e.f. October 23, 2022 and ceased as Chairman w.e.f. January 14, 2023 and Director w.e.f. January 19, 2023. Shri Sanjay Kumar ceased to be Managing Director of the Company w.e.f. June 15, 2023.

The Board takes this opportunity to place on record its appreciation for valuable contribution made by Shri Arun Kumar Singh, Shri Sukhmal Jain and Shri Sanjay Kumar during their tenure as the Directors of the Company

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as provided under section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (hereinafter referred to as the "Listing Regulations").

The details of programmes for familiarization of Independent Directors with the Company are put up on the website of the Company, i.e., media/Investor_Relations/Familiarization-Programmes-for-Independent-Directors.pdf

The Nomination & Remuneration Committee considers various criteria such as Knowledge/skill required, experience,

Minimum educational qualification, age, role in this company, gender, other requirements as per Companies Act, 2013 and SEBI LODR while recommending the name of the Independent Directors.

The Board of Directors carried out the evaluation of every Director, Committees of Board and the Board as a whole, based on the laid down criteria of performance evaluation.

In the opinion of the Board of Directors, independent directors have required integrity, expertise and experience.

Corporate Governance

As per the requirement of the Listing Regulations, a detailed Report on Corporate Governance and certificate regarding compliance of conditions of Corporate Governance are annexed as part of the Annual Report.

The Auditors Certificate on Corporate Governance for FY 2022-23 of M/s P.P. Agarwal & Co., Practicing Company

Secretaries is self-explanatory and does not call for any further comments.

Business Responsibility and Sustainability Report

Detailed Report on Business Responsibility and Sustainability

Report is annexed as part of the Annual Report.


During the financial year 2022-23, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of Deposits) Rules, 2014.

Particulars of Loans, Guarantees or Investments

During the financial year 2022-23, your Company has not granted loans nor given guarantee nor made any investments.

Amount which the Company proposes to carry to any Reserves, if any

For the financial year 2022-23, your Company has not transferred any amount to the general reserve of the Company.

Number of Meetings of the Board and Audit Committee

The details of the number of meetings of the Board and Audit Committee held during the financial year ended March 31, 2023 and composition of Audit Committee are given in Corporate Governance Report.

Related Party Transactions

Policy on materiality of Related Party Transactions and on dealing with Related Party Transactions has been disclosed on the website of the Company at: - https://www.iglonline. net/uploads/files/Related_Party_Policy.pdf

Details of transactions with related parties are being disclosed separately in the Annual Report. As per Regulation 23 of Listing Regulations, prior approval of Shareholders has been taken for Material Related Party Transactions and subsequent material modifications, if any, for the Financial Year 2023-24.

Prevention of Sexual Harassment at Workplace

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and Rules made thereunder, your Company has constituted Internal Complaints Committee (ICC). During the FY 2022-

23, no complaint with allegation of sexual harassment was received by the Company.

Risk Management and Internal Financial Control Adequacy

Your Company has Risk Management System in place including the Risk Policy & identification of the Risks which are reviewed periodically. The Company has also Risk Management Committee as per the requirement of the Listing Regulations.

Your Company has laid down a set of standards, processes and structure for internal financial control across the organization and ensures that the same are adequate and operating effectively.

Vigil Mechanism

The Company has a well-defined Vigilance framework which provides a platform to the employees, directors, vendors, suppliers and other stakeholders of the Company to come forward and raise their genuine concerns without any fear of retaliation and victimization. The Company has engaged an independent third party service provider for complaint management under the whistle-blower platform. The details of the Whistle Blower Policy are available on the website of the Company: Besides Whistle Blower Policy, the Company has also framed Vigil Mechanism policy under which the stakeholders can lodge their complaint(s) to Chief Ethics & Vigilance Officer of the Company.

Cost Auditors

Your Company had appointed M/s Chandra Wadhwa & Co, New Delhi as Cost Auditors for the FY 2022-23.

As per Section 148 read with Companies (Audit & Auditors) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013, the Board of Directors of your Company has re-appointed M/s Chandra Wadhwa & Co, New Delhi, Cost Accountants, as the Cost Auditors of the Company for the FY 2023-24. The remuneration proposed to be paid to the

Cost Auditors is subject to the ratification by the members at the ensuing Annual General Meeting of the Company.

Your Company is maintaining cost records as specified by the Central Government under Section 148 of the Companies Act, 2013.

Secretarial Auditors and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013, your Company had appointed M/s P.P. Agarwal & Co., Practicing Company Secretaries, New Delhi, as its Secretarial Auditors to conduct the Secretarial Audit of the Company for the FY 2022-23. The Report of Secretarial Auditor for the FY 2022-23 is appended as Annexure 3 to this report.

Remarks referred to in the Secretarial Auditors Report for FY 2022-23 of M/s P.P. Agarwal & Co., Practicing Company

Secretaries are self-explanatory and do not call for any further comments.

Disclosures Regarding Remuneration

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) and 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure 4 to this report.

Extract of Annual Return

The Annual Return of the Company as on March 31, 2023, in Form MGT 7, in accordance with the Section 92 (3) of the Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014 is available on the website of the Company.

Statutory Auditors

In exercise of powers conferred by Section 139 of the

Companies Act, 2013, the Comptroller and Auditor General of India (CAG) has to appoint Statutory Auditors of the Company for the FY 2023-24.

The Notes on financial statements referred to in the Auditors Report for FY 2022-23 of M/s Datta Singla & Co., Chartered

Accountants are self-explanatory and do not call for any further comments.

Review and Comments of CAG, on Standalone and Consolidated financial statements for the FY 2022-23 form part of financial statements of the Company.

Conservation of Energy and Technology Absorption, Foreign

Exchange Earnings and Outgo

The information in accordance with the provisions of Section 134 (3) (m) of the Companies Act, 2013 read with Rule (8) of the Companies (Accounts) Rules, 2014 is appended as

Annexure 5 to this report.


Your Directors express their gratitude to the Central

Government, State Governments of NCT of Delhi, Uttar Pradesh, Haryana & Rajasthan, Ministry of Petroleum & Natural Gas, Petroleum and Natural Gas Regulatory Board and Promoter Companies (GAIL & BPCL) for their continuous guidance & support throughout the year.

The Directors also acknowledge the support of all Statutory & Local Authorities, Bankers, Media, Station Operators & their employees, contractors, vendors and suppliers.

The Directors place on record their deep appreciation towards IGLs valued customers for their continued patronage support and look forward to the continuance of this relationship in future also.

The Directors wish to express their gratitude to all the shareholders for their continued trust and support.

The Directors also sincerely acknowledge the contributions made by all the employees of IGL for their dedicated services to the Company.

For and on behalf of Board of Directors

Sd/- Sd/-

Place: New Delhi Date: August 22, 2023