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Indraprastha Gas Ltd.

BSE: 532514 | NSE: IGL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE203G01027 | SECTOR: Oil Drilling And Exploration

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Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Director’s Report


The Members

The Directors have pleasure in presenting the Nineteenth Annual Report and the Company’s audited financial statements for the Financial Year ended March 31, 2018.

Physical Performance

During the year, the Company recorded sales as under:

Figures in Million Standard Cubic Meters (mmscm)


For the Year 31 March 2018

For the Year 31 March 2017

% Growth (YoY)

Compressed Natural Gas (CNG)




Piped Natural Gas (PNG)








Average Sales / per day (mmscmd)



Financial Results

The Company’s financial performance for the year ended March 31, 2018 is summarised below:

(Rs. in Crores)


For the Year 31 March 2018

For the Year 31 March 2017

Net Sales & Other Income



Profit before Depreciation & Tax






Profit before tax



Provision for tax



Profit after tax



Other comprehensive income



Total comprehensive income



Retained Earnings - opening balance



Add : Profit for the period



Profit available for appropriations




Dividends including Interim Dividend



Corporate dividend tax



Transferred to general reserve



Other comprehensive income recognised directly in retained earnings



Retained Earnings - closing balance



Financial Review

During the year, the gross turnover of the Company increased from Rs. 4205.43 Crores in 2016-17 to Rs. 5052.53 Crores in 2017-18 showing an increase of 20.14%.

The Profit After Tax (PAT) increased by 17.46% from Rs. 571.07 Crores in 2016-17 to Rs. 670.77 Crores in 2017-18.

The Company has prepared the Consolidated Financial Statements also which includes the Company’s share of profit in its Associates combined on an equity method in accordance with IndAS 28 - “Investment in Associates and Joint Ventures”. The consolidated PAT during FY 2017-18 is Rs. 721.72 Crores against Rs. 606.34 Crores in the previous year.


Your Directors are pleased to recommend a dividend of 100% (Rs. 2.00 per share). The proposed dividend, including corporate dividend tax, would absorb Rs. 168.78 Crores.

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 weblink: http://www.

Performance Highlights Compressed Natural Gas Business

During the year, your Company showed growth in CNG business in double digit i.e.11% besides augmenting its CNG infrastructure in Delhi and NCR. The Company had 446 CNG stations and total compression capacity of 75.61 Lacs Kg/day as on March 31, 2018.

The Company was catering to 10.3 Lakhs vehicles including 7.1 Lakhs private cars in Delhi & NCR.

The Company has started setting up of CNG stations under Dealer Owned Dealer Operated (DODO) model considering the constraint of land availability from government land owning agencies. This would facilitate increase in number of CNG stations to provide comfortable fueling experience to its customers.

During the financial year 2017-18, the Company introduced for the first time prepaid card for its CNG customers in order to promote digital payments. Till now more than 50,000 cards are under circulation catering to 65,000 vehicles. The Company has tied up with taxi aggregator companies like Meru, Burdy cab, Yorker cab, etc. to further promote the pre-paid cards.

Company has conducted joint promotion activities with Tata and Eicher at the CNG stations. Due to constant follow up with the truck manufacturers, they have launched company fitted CNG variants, which are becoming very popular among the customers and thus boosting the sales of CNG.

Piped Natural Gas Business

PNG - Domestic Connections

PNG had been the focus area of the Company during FY 2017-18. Total 1.5 Lacs new connections were provided which is the highest number of new connections in a single financial year in the history of the Company. The increase in the number of connections was achieved with aggressive multimedia marketing and publicity drive.

Your Company increased its steel pipeline network from 778 kms in FY 2016-17 to 919 kms in FY 2017-18 and its MDPE network from 9,940 kms to 10,754 kms in FY 2017-18.

The Company is tapping all sources like multimedia marketing, publicity and offering of various schemes to increase the penetration level in the existing areas, where PNG infrastructure is already available.

Company is also making concerted efforts to reach areas which are left out or considered non-technically feasible earlier. During the year, your Company started supply of domestic PNG for the first time in Defence Area of Delhi.

Your Company has customer centric approach and believes in providing best quality services to its customers. During the year, the Company strengthened its Customer Relationship Management (CRM) and other IT applications to provide better services to its customers.

Mobile App “IGL Connect” has been upgraded to enhance customer services. Recently, concept of spot billing has been added for the convenience of the customers.

The Company had total 8.92 Lacs connections in Delhi & NCR as on March 31, 2018.

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 coming years. Despite stiff competition from alternate fuels, your Company achieved a growth of around 20% in sales volume in Industrial Segment & around 8% in Commercial Segment during financial year 2017-18. In terms of number of customers, the Industrial customer base increased from 962 in March 2017 to 1,224 in March, 2018 and Commercial customer base increased from 1,908 in March 2017 to 2,205 in March, 2018.

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. Similarly, with the ban of Furnace Oil (FO) and Petcoke in NCR by Hon’ble Supreme Court, PNG is emerging as the key energy source for Commercial & Industrial users, offering immense opportunities for growth.

Your Company has already expanded its pipeline network to most of the major industrial areas of Delhi & NCR i.e. Gautam Budh Nagar (Noida, Greater Noida), Ghaziabad & Rewari. Pipeline laying activities are underway in the remaining industrial areas in Delhi & NCR. Endeavors are being made to realize full market potential by tapping gas volumes from Commercial & Industrial customers.

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. 268.61 Crores and Profit After Tax of Rs. 46.10 Crores for the financial year ended March 31, 2018.

Maharashtra Natural Gas Limited (MNGL)

MNGL is in City Gas Distribution business in Pune, Pimpri, Chinchwad, Chakan, Talegaon and Hinjewadi in the State of Maharashtra. Your Company holds 50% of paid-up equity share capital of MNGL.

MNGL achieved a gross turnover of Rs. 654.87 Crores and Profit After Tax of Rs. 97.69 Crores for the financial year ended March 31, 2018.

The statement containing the salient features of the financial statements of Company’s Associates pursuant to the first proviso to sub-section (3) of Section 129, is appended as Annexure 1 to this Report.

Future Outlook

Your Company has been looking for organic as well as inorganic growth as part of its corporate strategy.

The Company has been expanding its business in existing areas of operations as well as entering into new geographical areas.

In the existing areas, there are growth drivers which shall increase the sales volume in all segments of Company’s business.

It is expected that price differential of CNG and liquid fuel will continue to drive the conversion of petrol driven private vehicles to CNG mode.

In PNG segment also, the Company is working aggressively to meet the target given by MoPNG. In the coming years, Commercial & Industrial segment shall also get a boost in Delhi & NCR due to directions of judiciary and statutory authorities to replace Furnace Oil (FO) & Petcoke with Natural Gas as industrial fuel.

Your Company has got authorization for development of CGD network in the geographical area of Karnal district in Haryana through bidding process of PNGRB.

The Company was also permitted to start CGD activities in the earmarked areas of Gurugram district of Haryana by Hon’ble Supreme Court of India. However, the matter of authorization of cities of Gurugram and Faridabad is sub-judice in Hon’ble Supreme Court of India for final disposal.

Recently, the Company has received letter of intent from PNGRB for grant of authorization for development of CGD network in the Geographical Area of Meerut (except areas already authorized), Muzaffarnagar & ShamIi Districts.

The Company is also looking for expanding its operation through merger or acquisition of stakes in other CGD Companies in the country.

Your Company has also entered into various Memorandum of Understandings (MoUs) with various parties for setting up of LNG/LCNG stations, conversion of diesel gensets into gas gensets and providing charging facilities for electrical vehicles at CNG stations. All these initiatives would add to the future growth of the Company.

The Company has earmarked Rs. 700 Crores for FY 2018-19 for capital expenditure.

Corporate Strategy

In order to ensure sustainable long term growth for its stakeholders in the evolving challenging business environment, your Company has come out with its new Vision & Mission statements. The Company has already initiated activities to identify high growth areas outside the existing energy portfolio.

Your Company has also started a comprehensive exercise on cost reduction and profit maximization in the existing business. The potential areas have been identified and implementation of the same would be taken up in a phased manner.

Information Technology

Your Company remains committed towards building a stable ERP & IT infrastructure through enhancement of existing IT applications and adding new & advanced customer centric applications using latest technology.

The Company has revamped LAN infrastructure with latest equipments alongwith enabling wi-fi access and connecting existing 86 remote locations through high speed MPLS connectivity. This would ensure easy accessibility of software applications and facilitate convenient exchange of data and information.

As part of strengthening the core infrastructure, your Company has also migrated the existing centralized data storage (SAN) to latest technology of high speed flash based storage system to ensure faster data access with minimal fault, failures and latency with high reliability and performance.

Your Company holds a clear vision of leveraging the power of internet in this digital era and developed a “Digital Strategy” to support release of various portal interfaces and apps for employees and customers. The Company has been continuously working to enhance the existing customer app - IGL connect with new features and to develop various employee centric apps to empower them in contributing to the Company’s Vision and Mission.

The existing customer app - IGL Connect has been enriched with new Self Billing feature which as the name suggests, enables the customers to perform self-billing just by entering the current meter reading. Your Company continues to bring in new offers and options as part of customer delight initiatives including introduction of EMI options for security deposit, Refer & Earn scheme etc. in IGL connect app. Development for enabling “Spot billing” functionality through meter reading app has also being successfully completed.

The customer portal has been enhanced with new functionalities including immediate realization of online payments and prepaid recharges. Integration with various online wallets has been completed as payment methods for convenience of customers. Customer can now even make payment of security deposit amount through digital mode.

Your Company has also initiated project to develop community app for IGL employees through which they can work collaboratively towards common objectives while utilizing various self-services conveniently. Steps have been taken to leverage cloud services for existing meter reading app and developing new meter reading app for domestic and commercial customers.

Human Resources

The Company values its human resources and is always committed in providing them an environment of learning and growth. Various welfare measures and employee oriented policies drive the human resources to deliver their best in achieving the organizational performance. The Company is taking care of its employees through different interventions viz. 360 Degree Appraisal Survey, Assessment Center for DGM & above level employees, Town Hall Meetings and Mentor-Mentee mechanism. The Company reviews from time to time compensation packages and other policies/ facilities of its employees to make them more competitive and aligned with best industry practices.

Learning and Development of employees forms an integral part of the Company’s 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, our employees were provided with the best of trainings viz. SAP functional module(s), Executive Diploma in Project Management (EDPM) training, etc. Outdoor team building exercises have also been introduced.

During the year, employees were encouraged to participate in various Cyclothan events, Delhi Half Marathon, Preventive Health Check-ups and Yoga/Stress Management Sessions to take care of employee’s health & fitness.

During the year, the Company inducted various young talented professionals at entry level to infuse knowledge and talent in the professional sphere. The comprehensive Induction Training has also been imparted to new GETs. Your Company has maintained harmonious, cordial and healthy relations among its employees.

Your Company recognizes the contribution of its employees in its growth.

Health Safety and Environment (HSE)

Your Company has always accorded top most priority to Safety and has focused its continual efforts to maintain a good safety culture and to improve Fire & Safety standards in all aspects/ areas of operation of the organization as well as inculcating a habit of following safety as an integral part of the jobs executed by employees as well as contract workers at sites.

It is a matter of pride that your Company has crossed 131 Million Man Hours accident free till 31st March 2018. This is a milestone achievement resulted from continuous efforts of all the individuals working directly and indirectly for the Company. During FY 2017-18, your Company has been conferred Safety Innovation Award by Institute of Engineers and Certificate of Appreciation from National Safety Council to recognize the excellence in the field of Fire & Safety management.

Training is regularly imparted to the employees, contract staff at CNG stations, DTC drivers and consumers of CNG and PNG. To create safety awareness and to impart training to all category of consumers, a dedicated group of trainers with fully equipped training van is deployed which conducts safety clinics along with practical demonstration.

Safety inspections of CNG vehicles are also done periodically on random basis to check compliances of safety standards and to prevent unsafe conditions arising out of gas leakage from the CNG kits. For safety of CNG vehicles, free safety clinics are periodically organized where inspection of CNG kits and fittings are undertaken.

Emergency Control Centres (ECC) are established and Emergency Response Vehicles (ERV) are stationed at strategic locations across Delhi & NCR which are manned round the clock to respond fast to any gas leak or emergency situation. Three more Emergency Response Vehicles are also being procured for Noida, Greater Noida, Gurugram & Rewari. Mock drills are carried out regularly to check preparedness to control emergencies.

In line with Company’s HSE policy, Safety Audits and other statutory compliances are done to ensure safety in all facets of IGL’s operations.

Corporate Social Responsibility

Your Company is fully conscious of its Corporate Social Responsibility (CSR). In addition to carrying forward various CSR projects started in the earlier year, many new ones were also initiated in FY 2017-18.

Your Company has strategically aligned many of its CSR activities to create value for the society. Your Company has identified health, education, empowerment of underprivileged and skill development as its major focus areas, on which most of the CSR programmes are targeted.

The Company realizes that good health of public transport drivers is paramount to ensure safety on the roads. Therefore, your Company is carrying forward ‘IGL Swasth Saarthi’ - a comprehensive health management programme for auto and taxi drivers in Delhi and NCR, wherein a series of comprehensive Health check-up camps and Non Communicable Diseases (NCD) camps are being organized at various CNG stations, through a leading hospital. Scaling this programme further, your Company also launched a web portal for this programme through which these drivers who have visited the health camps can see their health records at anytime. Further, a group accident insurance cover is being provided to all drivers of CNG run public transport in the region under ‘IGL Suraksha Yojna’.

Building Bonds through Gender Sensitization is one of the key CSR programme of your Company. It is a training programme for taxi, bus and auto drivers in Delhi & NCR thus making commuting in public transport safer for the women.

Your Company is also laying emphasis on initiatives aimed at empowerment of women especially young girls. This year also, self-defence training has been provided to girl students of government schools through an NGO. Special training on sewing machine operatorship has been provided to rural women in the region to empower them to earn on their own.

The Company has been supporting meritorious students from under-privileged strata of society for specialized coaching for engineering entrance examination, through a scheme run by an NGO for the last eight years. This year, 25 meritorious but underprivileged students were supported under this programme and all of them have been able to secure admission in reputed engineering colleges.

Considering the ever growing demand for skilled manpower across sectors as a result of ‘Make in India’ programme, your Company is contributing towards Skill Development programmes for unemployed youth, in the fields of gas plumbing and welding, by providing technical oriented quality training. Your Company has set up a Gas Plumbing Training Centre in a government run ITI and is running a special module for students from government run ITIs to provide them specialised skills related to gas plumbing.

Your Company is also running another skill development programme for underprivileged youth in the fields of gas plumbing, repair of mobile phones & other home appliances, CCTV installation and beauty therapist through NGOs.

The Company is one of the stakeholders of Road Safety Cell of Delhi Traffic Police and actively supports all Road Safety Campaigns of Delhi Traffic Police.

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.

Your company has received following awards for its CSR activities:

1. Award in the Category of “CSR/ Environment Protection and Conservation” at India Pride Awards 2017-18 organized by Dainik Bhaskar Group in New Delhi.

2. CSR Leadership Awards under the categories of Women Empowerment and Innovations in CSR practices during World CSR Day Congress in Mumbai.

3. Award for its Gender Sensitization programme at 4th CSR Impact Awards 2017 under the category of Women Empowerment in Gurugram.

4. CSR Community Initiative Awards 2018 for IGL Swasth Saarthi Programme and for Self Defence Training Programme at CSR Leadership Summit in New Delhi.

5. Award in the categories of ‘Women Empowerment’ and ‘Innovations in CSR practices’ at 8th Asia’s Best CSR Practices Awards in Singapore.

6. Award in the field of Healthcare for IGL Swasth Saarthi Programme at National CSR Summit & Awards in New Delhi.

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, 2018, 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, 2018 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 S. S. Rao, Prof. V. Ranganathan and Shri Santosh Kumar Bajpai, ceased to be Directors of the Company w.e.f. September 12, 2017. Thereafter, they were re-appointed as Independent Directors for the second term from October 16, 2017 to October 15, 2018.

Shri Raghu Nayyar and Dr. Sudha Sharma were re-appointed as Additional and Independent Directors for the second term from March 20, 2018 to March 19, 2019. The proposal for re-appointment of Shri Raghu Nayyar and Dr. Sudha Sharma as Independent Directors of the Company is being placed before the shareholders for approval in the ensuing Annual General Meeting of the Company.

Shri Rajiv Sikka, nominee of Bharat Petroleum Corporation Limited (BPCL), was appointed as Director (Commercial) in place of Shri V. Nagarajan w.e.f. May 25, 2018.

Shri S. Bairagi, nominee of Gail (India) Limited (GAIL), was appointed as an Additional Director of the Company in place of Shri Manoj Jain w.e.f. July 6, 2018.

The Board takes this opportunity to place on record its appreciation for valuable contribution made by Shri V. Nagarajan and Shri Manoj Jain during their tenure as the Directors of the Company.

In terms of Section 152 of the Companies Act, 2013, Shri Ramesh Srinivasan, Chairman of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible has offered himself for re-appointment.

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:-

( Directors.pdf).

The Nomination & Remuneration Committee considers various criteria such as age, qualification, expertise, diversity in composition of Board and likely contribution to the Company 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.

Corporate Governance

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

Business Responsibility Report

As per the requirement of the Listing Regulations, a detailed Report on Business Responsibility is annexed as part of the Annual Report.


During the financial year 2017-18, 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 year 2017-18, 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 year 2017-18, 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, 2018 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: - english/5000_media/About_us/Related-Party-Policy.pdf.

Details of transactions with related parties are being disclosed separately in the Annual Report. One contract with GAIL qualify as material transactions under Listing Regulations, the same is being placed for shareholders’ approval in the ensuing Annual General Meeting (AGM).

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 financial year 2017-18, 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.

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 Whistle Blower Policy as part of the vigil mechanism, which provides a platform to the employees, directors, vendors and suppliers 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 to manage the operations of the whistle-blower hotline. 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 under which the stakeholders can lodge their complaint(s) to Chief Ethics Officer 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) vide its letter dated August 1, 2018 has appointed M/s Walker Chandiok & Co. LLP, Chartered Accountants as Statutory Auditors of the Company for the financial year 2018-19.

The Notes on financial statements referred to in the Auditors’ Report for FY 2017-18 of M/s Walker Chandiok & 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 financial year 201718 form part of financial statements of the Company.

Cost Auditors

Your Company had appointed M/s Chandra Wadhwa & Co., New Delhi as Cost Auditors for the financial year 2017-18.

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 appointed M/s Ramanath Iyer & Co., New Delhi, Cost Accountants, as the Cost Auditors of the Company for the financial year 2018-19. 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.

Secretarial Auditors and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013, your Company had appointed M/s V. K. Sharma & Co., Practicing Company Secretaries, Noida, as its Secretarial Auditors to conduct the Secretarial Audit of the Company for the financial year 2017-18. The Report of Secretarial Auditor for the financial year 2017-18 is appended as Annexure 3 to this report.

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

Extract of Annual Return of the Company is appended as Annexure 5 to this report.

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) (3) of the Companies (Accounts) Rules, 2014 is appended as Annexure 6 to this report.


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

Your Directors acknowledge wise counsel received from Statutory Auditors and CAG and are grateful for their support.

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 IGL’s 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/-

Rajiv Sikka E. S. Ranganathan

Director (Commercial) Managing Director

Place : New Delhi

Date : August 10, 2018

Director’s Report