Mahanagar Gas Limited (MGL), the supplier of Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) in Mumbai and its adjoining areas has registered an increase of more than 8.25% in its turnover compared to last year and has maintained its net profit for the fiscal year ending 31st March 2009.
In view of the performance, the Board of Directors at the 14th Annual General Meeting held on 30th September 2009 declared a dividend of Rs. 5/- per equity share of Rs.10/- each (50% on the paid up value of each share). This includes one time special dividend of Rs.1.50/-per share on its equity shares.
The Company reinvested a substantial part of the profit back into its funds for infrastructure development in line with its growth strategy and expansion plans. The Company has consistently maintained its track record of impressive growth in developing PNG and CNG infrastructure. As at the year end 31st March 2009 the Company has a total number of 136 CNG stations with a compression capacity of over 17,00,000 kgs/day. CNG is supplied to over 1,90,000 CNG vehicles through nearly 700 dispensing points in and around Mumbai. The sale of CNG increased by more than 8% over the previous year and the overall average gas sales per day also showed a growth of over 6%. The domestic PNG connections reached nearly 4 lakh households and there was a marked increase in commercial and industrial PNG connections. The Company has laid down a network of 250 kms of steel pipeline and 2500 kms of polyethylene pipeline in its endeavour to extend the convenience of safe, economical and environment friendly natural gas to more and more people.
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