Dear Shareholder''s,
 
 With its vision firmly in place, your Company sustained its growth
 momentum both in financial and physical numbers in the financial year
 ended March 31, 2012. Gross Turnover of Rs. 2790 Crores and Profit After
 Tax (PAT) of Rs. 306 Crores increased by 43% and 18% respectively over
 the previous year of 2010-11. In terms of Sales volume the growth was
 22.3% as compared to previous year.
 
 It gives me pleasure to share with you that in its journey of over 13
 years, your Company continued to support and implement best practices
 in all the areas of operations and has built up a high quality City Gas
 Distribution (CGD) infrastructure in Delhi and National Capital Region
 (NCR). As on March 31, 2012, your Company was providing Compressed
 Natural Gas (CNG) to over 5,50,000 vehicles, Piped Natural Gas (PNG) to
 3,30,000 domestic households and around 860 commercial & industrial
 customers. Your Company''s success story of multifold business growth
 and ever-growing customer base has been recognized from time to time
 and recently it was declared winner in the category of Urban
 Infrastructure at the coveted Infrastructure Excellence Awards 2012.
 
 The landscape in City Gas Distribution is changing under the regulatory
 regime and competitive environment. In the face of the complex and
 changing macro-economic scenario, your Company can not be complacent
 about its past achievements and is gearing up to meet the new
 challenges and seize emerging opportunities. Towards this direction,
 your Company has already drawn comprehensive plans to consolidate and
 expand its infrastructure robustly in National Capital Territory (NCT)
 of Delhi and NCR by investing over Rs. 500 Crores during the financial
 year 2012-13. Your Company also endeavors to broaden its geographical
 spread by implementing CGD operations in new geographies by self or
 through strategic business alliances. The Company is also exploring
 business opportunities in renewable energy segments within the wider
 gamut of clean energy solutions.
 
 With the projected rise in share of natural gas in energy basket, your
 Company is destined to grow in green energy space. As a responsible
 corporate citizen, your Company takes pride in building a cleaner and
 greener future for Delhi and NCR through supply of natural gas which is
 least polluting among all the fossil fuels.
 
 Your Company has customer centric approach and strives to bring
 continuous improvement in delivery of its products. One amongst several
 initiatives to enhance customer relationship, your Company has provided
 the facility of interactive Customer
 
 Portal to enhance customer experience with IGL. Your Company is also
 working for promoting wider use of gas applications in new areas such
 as gas geysers, water heaters and co-generation.
 
 Your Company gives due emphasis to good corporate governance practices
 and has followed an inclusive approach recognizing that stakeholders
 such as the community in which the Company operates, its customers, its
 employees and its suppliers need to be considered when developing the
 strategy of a Company.
 
 Your Company has a talented pool of Human Resource and it is their
 untiring efforts that have ensured continuous advancement of the
 Company. As the Company grows in size and complexity, there would be a
 need to have a trained pool of skilled and experienced manpower.  Your
 Company is committed to provide its employees ample opportunities for
 career growth and learning which will go a long way in retaining
 talent. Your Company is also recognizing the importance of Information
 Technology (IT) in today''s business environment and is continuously
 upgrading IT systems and usage in its area of operations.
 
 Your Company has given utmost priority to Health Safety &
 
 Environment (HSE) and is committed to provide reliable and safe
 operations to the customers. Your Company has implemented best HSE
 practices and has been upgrading manpower skills towards HSE awareness
 and compliances through continuous training.
 
 As a part of Corporate Social Responsibility (CSR) programme, apart
 from other initiatives, your Company has been sponsoring coaching for
 professional courses for meritorious students from economically
 backward sections of the society.
 
 This Annual Report gives you a closer look at IGL''s all round
 achievements in the year 2011-12, and a glimpse at our goals for the
 future.
 
 I am confident that with your support and trust in us, your Company
 would achieve new heights in times to come.
 
 With best wishes, Yours sincerely
 
 (S. Venkatraman)
 
 Chairman