homebusiness Newscompanies NewsConfidence Petroleum targeting 50 80 new outlets in the current financial year
Confidence Petroleum targeting 50-80 new outlets in the current financial year
Shares of Confidence Petroleum have increased 4 percent this year.
Confidence Petroleum India Ltd, one of leading manufacturers of LPG cylinders and a prominent supplier of Auto LPG in India, announced the commissioning of 10 more auto LPG-dispensing stations in the country.
Among the 10 new stations, six were added in Tamil Nadu, two in Maharashtra and one each in Karnataka and Telangana respectively.
With this addition, Confidence Petroleum now has 219 Auto LPG-dispensing stations in the country.
In an interaction with CNBC-TV18, Confidence Petroleum's Nitin Khara mentioned that the company expects to add 50-80 new stations in the current financial year. He also spoke of volumes where he mentioned that he expects volumes to go up to 3.25 lakh litres per day from 2.95 lakh litres currently.
Eventually, he expects volumes to rise up to 4.5 lakh litres per day.
Khara also attributed the slack in demand due to the elevated CNG prices.
For the September quarter, Confidence Petroleum reported a 7.5 percent growth in overall sales compared to last year while net profit declined nearly 30 percent. Operating margin also dipped to 12.1 percent from 14.4 percent during the same period last year.
Shares of Confidence Petroleum ended 0.4 percent lower at Rs 80.70.
First Published: Nov 24, 2022 3:31 PM IST
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