Indraprastha Gas Ltd (IGL) announced on Friday, December 19, that it has signed a joint venture agreement with Hindustan Waste Treatment Private Ltd (HWT) to establish compressed biogas (CBG) plants and other biofuel initiatives, reports CNBC TV18.
According to the agreement, the new joint venture will feature equal equity participation, with IGL and HWT each holding a 50% stake. The board will initially include four directors, comprising two nominees from each partner, the company said in an exchange filing.
The collaboration is aimed at expanding IGL’s footprint in renewable energy and clean fuels, aligning with its long-term strategy to diversify its energy portfolio.
Financial Update: Q2 Results
Separately, IGL reported a 4.5% quarter-on-quarter rise in net profit to ₹372 crore for the second quarter, compared to ₹356 crore in the previous period. Revenue increased 2.8% to ₹4,022 crore from ₹3,913 crore, supported by stable demand.
Despite this, the company’s operational performance was affected by higher input costs. EBITDA fell 13.6% to ₹442 crore from ₹511.7 crore in the previous quarter, and the EBITDA margin tightened to 11% from 13.1% in Q1.
Shares of Indraprastha Gas Ltd closed 1.03% lower at ₹194.01 on the NSE on Friday, December 19.
