Confidence Petroleum reported a dip in both revenues and profit after tax this quarter. The company’s Chairman and CMD, Nitin Khara discussed the numbers with CNBC-TV18 and also talked about the expansion of the firm’s CNG business.

He said Confidence Petroleum is targeting to develop 500 CNG stations in the coming four years.

Khara said the firm suffered some revenue loss in this quarter due to the COVID-19 pandemic but he assumes they did well as they are in the LPG business and are expanding wings in the CNG business as well.

“In LPG business, we did 65 percent of what we did in last quarter that is Q4,” he said, adding that with regards to CNG dispensation, the company has signed an agreement with GAIL and it is on the track. The firm will commission around 20 out of 100 stations by Diwali, he said.

Speaking about the JV for CNG cylinders, Khara said, the firm is expanding into CNG station development as well as in CNG manufacturing. “One of our subsidiaries has seen an expansion of CNG manufacturing. We are putting up a big plant of CNG cylinder manufacturing in Nagpur and we have acquired one unit that is Sarju Impex in that subsidiary,” he said.

Khara also revealed that Confidence Petroleum is setting up 100 CNG stations in Bengaluru city it has signed an agreement with the GAIL to develop the stations.

He added that the firm is looking for more JVs for the expansion of its CNG dispensing stations business across the country. “We are targeting to develop 500 CNG stations in coming four years,” he said.

For full management commentary, watch the video.

(Edited by : Kanishka Sarkar)