Trouble seems to be brewing for Indraprastha Gas again, as government regulator Petroleum & Natural Gas Regulatory Board (PNGRB) filed a Special leave petition (SLP) in the Supreme Court against a Delhi High Court order that raised questions on the regulator’s jurisdiction and role in the downstream gas market.
IGL, which opposed the government regulator on grounds that it would wipe out company’s entire net worth of Rs 1500 crore, moved the Delhi High Court against the regulator’s order. Delhi High court via its order dated June 01, 2012, quashed PNGRB’s April 9 order, where in the regulator had not only slashed the tariff rates of supplier by 63% with retrospective effect from April 1, 2008 but had also ordered IGL to refund extra money, charged by it, to customers since 2008. The regulatory board, vide its order, fixed IGL's pipeline network transportation tariff at Rs 38.58 per million metric British thermal unit (mmBtu) as against Rs 104.05 per mmBtu proposed by IGL.
The sole supplier of CNG and piped cooking gas in the national capital, has reported audited financial results for the year ended 2012. The company has reported a jump of 17.97% in net profit Rs 306.43 crore from Rs 259.76 crore in 2010-11 fiscal. Moreover, the company’s turnover rose 43% at Rs 2,790 crore.
Earlier, the company reported unaudited financial results. The company posted rise of 18.26% in its net profit at Rs 307.20 crore for the year ended March 31, 2012 as compared to Rs 259.77 crore for the same period in the previous year. Total income has increased by 44.01% at Rs 2525.35 crore for year under review as compared to Rs 1753.55 crore for the period ended March 31, 2011.
| Company Name | CMP |
|---|---|
| GAIL India | 157.80 |
| Gujarat Gas | 362.60 |
| Indraprastha Gas | 169.25 |
| Mahanagar Gas | 1125.45 |
| Adani Total Gas | 632.90 |
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