Uncategorized

Adani Total Gas posts 17% increase in net profit on higher gas sales

MUMBAI :

Adani Total Gas Ltd, the city gas joint venture of Adani Group and TotalEnergies of France, has posted a 17% rise in the July-September quarter net profit on the back of rise in gas sales volumes.

Net profit during the quarter came in at ₹159 crore against ₹136 crore profit in the same period a year ago, the company said in a statement to the bourses.

With economic activity picking up while CNG sales rose 54% to 91 million cubic supplies through piped natural gas or PNGC rose 17% to 84 million metric standard cubic metres (mmscm).

Combined CNG and piped natural gas volume was up 33% at 175 mmscm.

While revenue from operations was up 56% at ₹687 crore, sales volume during the quarter stood at 2.09 million standard cubic meters per day against 1.79 mmscmd at the end of first quarter.

“I have very little doubt that gas will continue to play an increasingly important role in India’s energy mix. The ability to distribute gas across the nation is an essential benefit that the Adani Group and TotalEnergies will bring to the people,” said Gautam Adani, Chairman, Adani Group.

The company said it commissioned 20 new CNG dispensing stations, taking the total network strength to 244. It added 18,659 new connections to help cross the 5 lakh mark for piped natural gas connections.

Chief executive Suresh P Manglani said the excellent performance in Q2 was despite significant volatility in international gas prices and Covid-related challenges on the ground being faced in rolling out the infrastructure development.

The company also executed, a joint venture agreement with 50% shareholding for setting up of manufacturing facility for mechanical and smart gas meters.

It also has signed a definitive agreement for exclusive collaboration for setting up a bio-conversion plant in Barsana having India’s largest cow shelter with around 60,000 cows in a single location.

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: