Delivering Beyond Call of Duty
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Delivering Beyond call of duty ANNUAL REPORT 2020-21 MAHANAGAR GAS LIMITED INSIDE THIS REPORT Corporate Overview Financial Statements Going Beyond 04 Independent Auditor’s Report 150 Corporate Information 08 Balance Sheet 164 Board of Directors 10 Statement of Profit and Loss 165 All About Mahanagar Gas Limited 14 Statement of Cash Flows 166 Natural Gas Distribution Chain 15 Notes to the Financial Statements 169 Business Segment Overview 16 Abbreviations 215 Our Expansive Network 20 Looking Back With Pride 22 Chairman’s Message 24 Message from Managing Director 26 Forward-looking statements Serving Society in Times of Adversity. 30 Caring for our Employees & Customers. Some information in this report may contain forward-looking statements which Embracing Digital Transformation. 32 include statements regarding Company’s Using Technology for Better expected financial position and results of Engagement. operations, business plans and prospects Setting Standards – To Ensure Safety 34 etc. and are generally identified by forward-looking words such as “believe,” Accelerating Performance - 36 “plan,” “anticipate,” “continue,” “estimate,” With our People “expect,” “may,” “will” or other similar words. Forward-looking statements are Driving Digital Efficiency 38 dependent on assumptions or basis Committed to Holistic Care 39 underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, Statutory Reports performances or achievements could differ materially from those expressed Management Discussion and Analysis 46 or implied in such forward-looking Directors’ Report 70 statements. We undertake no obligation Scan QR code to read more about Mahanagar Gas to update or revise any forward-looking Business Responsibility Report 101 statement, whether as a result of new Limited information, future events, or otherwise. Corporate Governance Report 115 Website : www.mahanagargas.com Mahanagar Gas Limited 2 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Sustainability lies at the core of our operations – to open the doors of a new energy future, to usher a new dawn of opportunities and to continuously reaffirm trust. In a world with limited supplies and a burgeoning energy demand, the carrying capacity of the global ecosystem is highly overwhelmed. To ease the burden and to limit our carbon footprint, at Mahanagar Gas Limited (MGL) we endeavour to adopt and encourage the use of a reliable, efficient and cleaner fuel – to responsibly sustain the use of greener sources of energy. In comparison to conventional sources of energy, natural gas remains a favourable choice, fostering our commitment towards a green future. Building on its 25 year old legacy, MGL is perfectly poised to create an energy-efficient future – banking on its scale, size and expertise to efficiently fulfil the escalating natural gas demand evident in its key markets. As the Company reiterates its position as a trusted natural gas supplier, it remains steadfast to further expand and extend green footprints –far and wide - taking strides to responsibly fuel India. Mahanagar Gas Limited Annual Report 2020-21 3 GOING BEYOND Mahanagar Gas Limited 4 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS GOING BEYOND COUNTERING COVID-19 challenges. We had earlier deftly handled the fury of Mumbai flood During COVID-19 pandemic, but that was for a far shorter your Company extended period. This time the challenge its helping hand by way of was more sustained and of a greater degree. But we rose to the sponsoring community kitchens occasion by making our customers and rations to needy families, the centre-piece of our focus in donating medical equipment such a time of crisis. Besides, as with any people-oriented company, and by providing cash support MGL stood by its employees – to Maharashtra State Disaster supporting them in every way we Relief Management Fund. could because that’s what family The battle was also fought to members do – they look out for each other. ensure absolute reliability of Our employees stretched our operations during the raging themselves beyond normal call pandemic so that no customer of duty. The fact that our last is inconvenienced. mile staff have put themselves in harm’s way to keep serving More than a year ago when it first showed our customers and community its face, the COVID-19 pandemic caused in the field, speaks volumes of widespread disruption of lives and their commitment and their big We are in this livelihoods of people. The suddenness with hearts. Our dedicated teams which it hit all of us was unprecedented. have been attending customers’ together and we will However, at MGL, we were not to be requests at their premises while overwhelmed. For us, meeting the needs following COVID-19 protocols. ride through this, of our customers is paramount and The senior management regularly together. non-negotiable – whatever may be the touched base with worksite personnel to build confidence and Mahanagar Gas Limited Annual Report 2020-21 5 GOING BEYOND We also commenced gas to keep their morale high. Ensuring that masks, face-shields etc. were distributed operations remain unhindered even when to the field staff. Training and Tool-Box- supplies to KEM & TB the pandemic raged on remained our top Talk were conducted for these staff by Hospitals, Desai Hospital, SK priority. But challenges were many – both our senior team members. This gave a lot on men and material fronts, but we look of confidence to the societies who slowly Patil Hospital, Baba Saheb back with some satisfaction on a job well started allowing our people to work in Ambedkar Hospital and done. their premises. Penetration percentage in the buildings was increased with the Bhagwati Hospital during With regard to project roll out, we faced help of additional marketing efforts. This a number of challenges. Generally lockdown to support the war helped in generating revenue from already speaking, execution of CGD work in gasified buildings. We also commenced against COVID-19. Mumbai Metropolitan Region (MMR) is a gas supplies to KEM & TB Hospitals, Desai challenging task viewed in the backdrop of Hospital, SK Patil Hospital, Baba Saheb (a) congested working environment at Ambekdar Hospital and Bhagwati Hospital many places with jungle of underground during lockdown to support the war utilities already laid (b) restricted period against COVID-19. for construction and (c) tortuous process of obtaining permissions. Moreover, On the customer service front, your Maharashtra in general and MMR in Company used digital innovation to particular, bore the brunt of COVID-19 improve our employee’s productivity and pandemic. Even after lifting of the full provide our customers with the best lockdown that was imposed countrywide, possible experience. We launched as well strict partial lockdowns continued in as strengthened a host of digital initiatives MMR due to large number of cases. This with the aim of making life easy for our dented roll out of MGL’s PNG and CNG customers. Thus, your Company has added infrastructure when we had to face a new dimension to customer engagement (a) flight of migrant labour and shortage and looks forward to developing it further of site manpower especially labourers to provide a more seamless experience. and plumbers (b) long delays in obtaining permissions from statutory authorities (c) Some key ways in how we have impacted severe restrictions in movement across PNG customers: MMR (d) resistance in allowing MGL to • Customers can visit Company’s website work inside societies and flats etc. and view their current and past 03 bills, check details of past payments Nonetheless, we managed to start made against dues, make payments project activities once the lockdown electronically using UPI, e-NACH, Net started getting partially lifted. We Banking, NEFT etc. and settle their dues launched Plumber Incentive Scheme to via online payments. bring back the plumbers and held very • MGL PNG bills are also dispatched by close coordination / liaising with local SMS Links. By clicking the link, a bill can authorities for getting permissions for be viewed and by clicking the UPI QR laying pipelines. Safety gear, like, face- Mahanagar Gas Limited 6 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS code or MGL Logo, it will take one to the wallets, MGL Fuel prepaid cards, as per payment page for settling the gas bill their convenience. and to save the bill in system for future • Through our financially prudent reference. approach to business, we have been • Customers can now log their continuously delivering great value to complaints on any service-related the shareholders. To be competitive issue by easily selecting the pre-set and earn the best possible ROIs from categories or nature of complaints from our investments, MGL has always the drop-down menu. endeavoured to keep its costs under • Customers can provide meter readings control. This cost consciousness, by themselves using a link sent during along with our obsession with asset the billing cycle by uploading a photo productivity and returns, generates the of their meter reading image which is lowest operating costs in the country. utilized to bill the customer. Further, We believe that being fiscally prudent, one can generate bill on the appointed operationally efficient and competitively bill date as per the SMS to view the relevant, are strong pillars for creating bill and make payment. This helps a value. Our fundamental belief is customer to receive a bill at actuals at in pursuing strong returns for our the customers convenience. stakeholders. • Customers can receive automated push Going forward, our future looks strong. notifications through which various Your Company is pursuing all avenues for alerts, like, payment receipt, meter reaching every customer requiring gas reader visit date etc. are notified to the in our licensed areas. We are striving to customers.