logo
PNGRB price order: Regulator tells CGD firms to charge one PNG rate; warns against misuse of subsidised gas

PNGRB price order: Regulator tells CGD firms to charge one PNG rate; warns against misuse of subsidised gas

Time of India4 days ago
Representative image (Picture credit: ANI)
I
ndia's petroleum regulator has directed city gas distributors to charge a uniform rate for piped natural gas (PNG) supplied to household kitchens, regardless of usage volume.
The move comes amid concerns that a tiered pricing system adopted by some firms may be encouraging misuse of subsidised gas and leading to unfair charges for genuine consumers.
In a recent notice, the Petroleum and Natural Gas Regulatory Board (PNGRB) said it had observed that 'certain city gas distribution (CGD) entities are implementing a telescopic pricing structure for PNG domestic consumers, wherein the per SCM (Standard Cubic Metre) price of natural gas escalates as consumption surpasses a predefined threshold.'
As per news agency PTI, the regulator called the practice 'incorrect' and said such pricing 'may inadvertently facilitate the unauthorised use of subsidised administered price mechanism (APM) gas by commercial consumers, who may be misclassified as domestic consumers.'
Natural gas allocated under APM is priced lower than market rates and is meant strictly for households and transport use. Commercial users such as restaurants and hotels are required to buy gas at market rates.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Urban Ascent by Emaar 4 BHK Apartments Starting at ₹ 5.25 Cr* on Dwarka E-Way , Near Gurugram
Emaar India
Get Quote
Undo
PNGRB said that CGD firms are allocated APM gas 'at a concessional rate compared to market or spot LNG prices' to promote wider adoption of cleaner fuel.
'Genuine domestic consumers with higher consumption levels may be unfairly subjected to elevated charges,' the PNGRB said. It directed companies to review consumer usage and investigate outliers, ensuring fair and transparent billing for all residential users.
PNGRB refrained from naming companies that had adopted telescopic pricing, but stressed that 'PNG (Domestic kitchen usage) should be supplied at a uniform rate to all domestic household consumers, irrespective of their daily consumption levels.'
The issue echoes similar concerns in the LPG sector, where subsidised 14.2-kg cylinders for household use are often misused by commercial establishments to avoid paying for higher-priced 19-kg commercial cylinders.
This directive comes amid PNGRB's broader efforts to streamline the gas sector. As per ANI, the regulator recently announced the Second Amendment to the Natural Gas Pipeline Tariff Regulations, 2025, reducing tariff zones from three to two and extending unified tariffs to the domestic PNG and CNG segments nationwide.
The push aligns with India's long-term plan to increase the share of natural gas in its primary energy mix to 15 per cent by 2030, up from the current 7 per cent.
A recent PNGRB study projects that city gas distribution will drive the bulk of this demand, with PNG and CNG together expected to consume over 87 mmscmd by 2030.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

WNS Announces Fiscal 2026 First Quarter Earnings
WNS Announces Fiscal 2026 First Quarter Earnings

The Wire

timean hour ago

  • The Wire

WNS Announces Fiscal 2026 First Quarter Earnings

Mumbai, Maharashtra, India & London, United Kingdom & New York, United States – Business Wire India WNS (Holdings) Limited (WNS) (NYSE: WNS), a digital-led business transformation and services company, today announced results for the fiscal 2026 first quarter ended June 30, 2025. Highlights – Fiscal 2026 First Quarter: GAAP Financials • Revenue of $353.8 million, up 9.5% from $323.1 million in Q1 of last year and up 5.2% from $336.3 million last quarter • Profit of $21.8 million, compared to $28.9 million in Q1 of last year and $50.8 million last quarter • Diluted earnings per share of $0.48, compared to $0.61 in Q1 of last year and $1.12 last quarter Non-GAAP Financial Measures * • Revenue less repair payments of $339.9 million, up 8.8% from $312.4 million in Q1 of last year and up 5.2% from $323.3 million last quarter • Adjusted Net Income (ANI) of $46.0 million, compared to $44.0 million in Q1 of last year and $66.2 million last quarter • Adjusted diluted earnings per share of $1.02, compared to $0.93 in Q1 of last year and $1.45 last quarter Other Metrics • Added 6 new clients in the quarter, expanded 28 existing relationships • Days sales outstanding (DSO) at 36 days • Global headcount of 66,085 as of June 30, 2025 Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also 'About Non-GAAP Financial Measures.' Revenue in the first quarter was $353.8 million, representing a 9.5% increase versus Q1 of last year and an increase of 5.2% from the previous quarter. Revenue less repair payments* in the first quarter was $339.9 million, increasing 8.8% year-over-year and 5.2% sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal first quarter was up 7.1% versus Q1 of last year and up 2.9% sequentially. Year-over-year, revenue growth driven by new client additions, the expansion of existing relationships, our acquisition of and favorable currency movements was partially offset by headwinds from the loss of a large Healthcare client and lower volumes in the online travel segment. Sequentially, broad-based revenue growth, higher transaction volumes, our acquisition of and favorable currency movements were partially offset by the impact of annual client productivity commitments. Profit in the fiscal first quarter was $21.8 million, as compared to $28.9 million in Q1 of last year and $50.8 million in the previous quarter. Year-over-year, profit decreased as a result of increased expenses which are excluded from ANI*, relating to acquisition costs and amortization of intangibles from our acquisition of transaction expenses related to the proposed acquisition of the company by Capgemini, and share-based compensation including statutory employment taxes and insurance. Additionally, year-over-year profit was adversely impacted by increased investments and hiring in advance of revenue ramps for large deals. These headwinds were partially offset by higher volumes and favorable currency movements. Sequentially, Q1 profit reduced as a result of a $12.2 million benefit from a facility asset sale in Q4'25, typical business seasonality driven by Q1 annual client productivity commitments and wage increases, and ongoing investments. Q1 quarter-over-quarter profit was also adversely impacted by increases in expenses which are excluded from ANI* including acquisition costs and amortization of intangibles related to the acquisition of share-based compensation including statutory employment taxes and insurance, and transaction expenses related to the proposed acquisition of the company by Capgemini. These headwinds were partially offset by higher volumes and favorable currency movements. Adjusted net income (ANI)* in Q1 was $46.0 million, as compared to $44.0 million in Q1 of last year and $66.2 million in the previous quarter. Explanations for the ANI* movements on a year-over-year and sequential basis are the same as described for GAAP profit above excluding changes in those items included in the ANI* definition presented in the 'About Non-GAAP Financial Measures' section of our financial schedules below. From a balance sheet perspective, WNS ended Q1 with $225.8 million in cash and investments and $266.2 million in debt. In the quarter, the company generated $29.5 million in cash from operations, incurred $14.8 million in capital expenditures, and repaid $21.1 million in debt. WNS also repurchased 1,300,000 ordinary shares at an average price of $57.98, impacting Q1 cash by $75.4 million. First quarter days sales outstanding were 36 days, as compared to 36 days reported in Q1 of last year and 34 days in the previous quarter. 'In the fiscal first quarter, WNS delivered solid growth in constant currency revenue less repair payments* of 7.1% year-over-year and 2.9% sequentially. Our acquisition of contributed 2.0% and 1.5%, respectively, and revenue momentum for this differentiated capability remains robust. In Q1, WNS also delivered adjusted net income* and adjusted EPS* ahead of company expectations and completed our authorized share buyback program by repurchasing 1.3 million ordinary shares,' said Keshav Murugesh, WNS' Chief Executive Officer. 'As we work toward closing the previously announced transaction with Capgemini, the WNS Board and management team are confident that this combination will better position us to address our rapidly evolving market, while unlocking new innovation and growth opportunities. Together, we are creating an industry-changing force uniting cutting edge AI and technology with deep domain and process expertise to deliver 'Intelligent Operations' for clients. This shared vision of our two companies, along with our shared values, will drive long-term, sustainable value for all our stakeholders including clients, employees, investors, and local communities.' Pending Acquisition by Capgemini On July 7, 2025, WNS (Holdings) Ltd. announced that it had entered into a definitive agreement to be acquired by Capgemini. As noted in the company's July 11, 2025 press release, WNS will not hold a fiscal Q1 2026 conference call or provide an update to guidance for the fiscal year 2026 in light of the transaction. For further details and discussion of the company's financial performance, please refer to WNS' upcoming quarterly report on Form 10-Q for the quarter ended June 30, 2025, which will be filed with the SEC on or before August 8, 2025. The company also disclosed that the contract of CEO Keshav Murugesh has been extended through the earlier of August 5, 2026 or the closure of the Capgemini acquisition. * See 'About Non-GAAP Financial Measures' and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release. About WNS WNS (Holdings) Limited (NYSE: WNS) is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 700 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of June 30, 2025, WNS had 66,085 professionals across 65 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States. For more information, visit Safe Harbor Statement This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'will,' 'seek,' 'should' and similar expressions. These statements include, among other things, expressed or implied forward-looking statements relating to discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, our expectations concerning our future financial performance and growth potential, including estimated capital expenditures, and expected foreign currency exchange rates. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to our pending acquisition by Capgemini S.E., including our expectations relating to timing and completion of the transaction, worldwide economic and business conditions, our dependence on a limited number of clients in a limited number of industries; currency fluctuations; political or economic instability in the jurisdictions where we have operations; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; telecommunications or technology disruptions; our ability to attract and retain clients; negative public reaction in the US or the UK to offshore outsourcing; our ability to collect our receivables from, or bill our unbilled services to our clients; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; future regulatory actions and conditions in our operating areas; our ability to manage the impact of climate change on our business; and volatility of our share price. These and other factors are more fully discussed in our most recent annual report on Form 10-K and subsequent reports on Form 6-K and Form 8-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances. References to '$' and 'USD' refer to the United States dollars, the legal currency of the United States; references to 'GBP' refer to the British pound, the legal currency of Britain; and references to 'INR' refer to Indian Rupees, the legal currency of India. References to GAAP or US GAAP refer to United States generally accepted accounting principles. References to IFRS refer to International Financial Reporting Standards, as issued by the International Accounting Standards Board. To View the complete release, Click on the Link Below: WNS Announces Fiscal 2026 First Quarter Earnings (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). This is an auto-published feed from PTI with no editorial input from The Wire.

India-UK FTA to boost leather, footwear sector; export could exceed $900 million
India-UK FTA to boost leather, footwear sector; export could exceed $900 million

Mint

time3 hours ago

  • Mint

India-UK FTA to boost leather, footwear sector; export could exceed $900 million

The United Kingdom and India signed a historic free trade agreement (FTA) on Thursday, boosting bilateral trade by around $34 billion annually. Besides this, the landmark deal will also boost India's leather and footwear exports to the UK. According to an ANI report, India's leather and footwear export could exceed $900 million, marking a major leap forward for the sector. This growth is expected as the India-UK FTA opens up new opportunities for small artisans and businesses across the country. The FTA offers duty-free access to the UK's $23 billion market, giving Indian Micro, Small and Medium Enterprises (MSMEs) a strong advantage over other countries like Bangladesh, Cambodia, and Pakistan in labour-intensive sectors such as leather and footwear, textiles and clothing, gems and jewellery, furniture, and sports goods. This is expected to unlock vast new opportunities for Indian exporters. The agreement is also likely to enhance the financial stability of small businesses, particularly for artisans, women entrepreneurs, and craftsmen, the report said. The FTA is expected provide small businesses with access to a large market like the UK, and will in turn enable these groups to support their families and communities while becoming key players in global value chains. The FTA includes provisions that encourage MSMEs to utilise digital tools, adopt e-commerce, and transition to more sustainable production methods. These changes will not only enhance efficiency but also enable Indian products to reach a broader international audience. With stronger intellectual property rights (IPR) and geographical indication (GI) protections included in the deal, MSMEs' unique and traditional products are expected to gain better recognition globally. This can increase the value of their goods in foreign markets. Increased export opportunities in labour-intensive industries, such as textiles, leather, and footwear, are expected to raise demand for skilled artisans in hubs like Tirupur and Kanpur. This, in turn, could create more jobs and boost local economies, the report added. As exports rise, private sector players in India are also expected to increase their production capacity. This is likely to lead to increased employment and improved income for individuals involved in these industries. India is now well-positioned to become one of the top three suppliers of textiles, leather, and footwear to the UK. SMEs across different states are expected to expand their production, hire more workers, and contribute to the development of their communities, the ANI report said. In addition to leather and textiles, MSMEs in other sectors, such as marine products, agriculture, pharmaceuticals, chemicals, electronics, engineering, oilseeds, alcoholic beverages, and soft commodities, are also expected to benefit from the FTA by increasing production and innovation.

India-UK sign FTA, PM Starmer calls it 'most significant' deal since EU exit
India-UK sign FTA, PM Starmer calls it 'most significant' deal since EU exit

Hindustan Times

time4 hours ago

  • Hindustan Times

India-UK sign FTA, PM Starmer calls it 'most significant' deal since EU exit

India and the United Kingdom signed a landmark Free Trade Agreement (FTA) on Thursday during Prime Minister Narendra Modi's visit to the UK. Modi met his British counterpart Keir Starmer at Chequers, the official country residence of the UK Prime Minister, located about 50 kilometres northwest of London. Britain's Prime Minister Keir Starmer welcomes Indian Prime Minister Narendra Modi at Chequers near Aylesbury, England, Thursday, July 24(AP) Narendra Modi described the signing of the India-UK trade pact as a milestone moment in bilateral relations. 'Today marks a historic day in our relations. I am delighted that after the hard work of several years, today our two nations have signed the Comprehensive Economic and Trade Agreement,' Modi said. 'New opportunities will be created in British market for India's agricultural produce and processed food industry,' he added. This comes as PM Modi is currently on a two-day visit to the United Kingdom, which aims to strengthen bilateral ties in key areas such as defence, trade, and technology. The formalisation of the FTA has been a central outcome of the visit. Following the signing of the FTA, Starmer said the deal would deliver significant economic advantages for both nations. The UK PM said, 'This is the biggest and economically most significant trade deal the UK has made since leaving EU.' 'It is a deal that will bring huge benefits to both of our countries, boosting wages, raising living standards and putting more money in the pockets of working people,' he said. 'It is good for jobs, it is good for business, cutting tariffs and making trade cheaper, quicker and easier,' he added. As part of the deal, India's average tariff on goods imported from the United Kingdom will be reduced from 15 per cent to 3 per cent under the newly signed India-UK Free Trade Agreement, news agency ANI reported, citing a statement issued by the British government ahead of the formal signing ceremony. The statement also noted that the agreement will ease market access for British exporters across a range of sectors, including soft drinks, cosmetics, automobiles, and medical devices. The relaxation of import duties is expected to significantly benefit key labour-intensive sectors such as textiles, leather, footwear, and gems and jewellery, enhancing the competitiveness of Indian goods in the UK market. Background of India-UK Free Trade Agreement On May 6 this year, Modi and Starmer jointly announced the conclusion of the long-negotiated Free Trade Agreement (FTA), describing it as a mutually beneficial and forward-looking pact. The agreement, aligned with India's vision of Viksit Bharat 2047, aims to complement the growth ambitions of both nations. The core objective of the deal is to reduce or eliminate tariffs on imports and exports, thereby making products from both countries more competitive in each other's markets. The two countries have set a target to increase bilateral trade to USD 120 billion by 2030. After the formal signing of the agreement on Thursday, PM Modi said, 'The FTA is expected to boost key sectors including Indian textiles, footwear, gems & jewellery, seafood, and engineering goods.' He added that these sectors would now enjoy enhanced market access in the UK. According to a statement issued by India's Commerce and Industry Ministry on May 6, 'The FTA ensures comprehensive market access for goods, across all sectors, covering all of India's export interests. India will gain from tariff elimination on about 99% of the tariff lines covering almost 100 per cent of the trade value offering huge opportunities for increase in the bilateral trade between India and the UK.' The FTA is also projected to unlock new avenues for economic growth and job creation, particularly for India's youth. Key takeaways from the India-UK Free Trade Agreement The pact between New Delhi and London is set to benefit key services sectors, including Information Technology (IT), IT-enabled Services (ITeS), financial services, professional services, such as management consultancy, architecture, and engineering, and education-related services, reported news agency ANI. In addition to services, the agreement provides duty-free access to the UK market for labour-intensive Indian exports such as textiles, leather, footwear, furniture, gems and jewellery, and sports goods. The UK currently imports over USD 23 billion worth of such products annually, offering considerable potential for increased production and employment in India, especially among young workers. One of the deal's key highlights is the exemption from social security contributions in the UK for Indian professionals on temporary assignments of up to three years. This change will result in significant financial gains for Indian service providers and improve their competitiveness. It also makes international assignments more attractive for Indian youth, offering them valuable global exposure. The FTA also aims to simplify business processes by promoting transparency, regulatory coherence, and public consultation, which is expected to benefit young entrepreneurs. The Digital Trade Chapter focuses on building a secure and open digital ecosystem through cybersecurity provisions and consumer protections, helping youth explore careers in the digital economy. The agreement also provides for cooperation in areas such as skill development and recognition of qualifications, supporting efforts to align Indian skill sets with global market requirements, thereby increasing the employability of Indian youth both in India and abroad,' the statement added.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store