MUMBAI and NAGPUR, India, August 8, 2018 /PRNewswire/ —
Confidence Petroleum India Limited, India’s largest LPG cylinder manufacturer and one of the leading private sector LPG retailers, reported its financial results for the first quarter ended on June 30, 2018, as approved by its Board of Directors.
Financial Highlights – Q1 FY2019 Consolidated
- Revenue from operations at INR 190.07, up by 32% y-o-y
- EBITDA (including other income) at INR 27.47 crore, up by 77% y-o-y
- Profit after tax at INR 13.36 crore, up by 206% y-o-y
Commenting on the performance Nitin Khara, Chairman & Managing Director, Confidence Petroleum said, “Confidence Petroleum has reported an impressive performance Q1 FY2019. Growth momentum continued across business segments during the first quarter. Our retail LPG distribution business which contributes 60% to the revenue grew by 64% and our overall profitability improved significantly.”
Segment-wise Business Highlights
Cylinder Manufacturing – contributed 39.58% to Q1 FY2019 consolidated revenue
- Q1 FY19 Revenue at INR 75.22 crore, up 3% y-o-y
- The order book position as on June 30, 2018 stood at INR 305 crore
Retail LPG – contributed 60.42% to Q1 FY2019 consolidated revenue
- Q1 FY19 Revenue at INR 114.84 crore, up 63% y-o-y
- Confidence Petroleum markets LPG under the brand name ‘GoGas’
- The company is one of the largest private sector players in Auto LPG Dispensary Stations. The company has 140 operational ALDS As 07.08.2018 and has all the requisite permission to set up total 200 ALDs which it plans to set up by 2019
Recent Developments
- During the board meeting held on July 25, 2018, Confidence Petroleum’s board approved allotment of 1.50 crore preferential shares @ Rs. 52/- each to M/s. Jasol Investment And Global Strong Growth Fund, part of Americorp Capital. Besides this, company is planning to raise INR 1040 million through issue of 2 crore preferential warrants @ Rs. 52/- each to promoters & others, the necessary approval for it is awaited from stock exchange.
Commenting on the fund raise, Nitin Khara said, “The funds raised will help the company achieve its plan of setting up 500 Auto LPG Dispensing Stations to promote the environment-friendly pollution free Green Fuel (LPG) at a national level by 2022 so also set up 100 LPG Bottling Plants & Cylinder Units to meet the continuing demand of Bottling & Cylinders for the Prestigious Ujjawala Scheme floated by the Government of India and PAN India marketing of 10 lakh MT LPG per annum particularly in non-subsidised commercial & industrial segment, which is presently in great demand.”
About Confidence Petroleum India Limited:
Confidence Petroleum India Limited (BSE: 526829) is India’s leading private sector Liquified Petroleum Gas (LPG) retailer. The company markets LPG under the brand name ‘GoGas’ and has 140 as on 07.08.2018, Auto LPG Dispensing Stations spread over Tamil Nadu, Karnataka, Telangana and Maharashtra. The company has recently introduced light-weight and blast-proof composite LPG cylinders under the brand name ‘GoGas Elite’ for the domestic and commercial LPG use. Confidence Petroleum is India’slargest manufacturer of LPG Cylinders with a capacity of manufacturing 5 million units per annum. The company has pan Indiapresence with 15 cylinder manufacturing units and 58 bottling plants across India. For more information, visit http://www.confidencegroup.co
SOURCE Confidence Petroleum India Limited
Confidence Petroleum’s Q1 FY 2019 Report
