Adani Total Gas reports marginal rise in profit in July-September
Indian city gas company Adani Total Gas on November 3 reported a marginal increase in consolidated net profit in the July-September quarter (Q2) due to rise in sales volume and price, but higher input costs impacted the margins.
The company's consolidated net profit came in at 1.59bn Indian rupees ($19mn) compared with 1.58bn rupees in the same period last year. Revenue from operations rose 73.2% year/year to 11.9bn rupees.
Gas sales volume in Q2 was 191mn m3 versus 175mn m3 in the same period last year. CNG sales volume rose 25% yr/yr while piped natural gas volumes dropped 8% yr/yr. The cost of natural gas jumped 136% yr/yr in Q2, the company said.
“The CGD [city gas distribution] industry continues to face a challenging scenario with significantly higher input gas prices mainly due to geopolitical factors as well as supply shortages across the globe,” company CEO Suresh Manglani said.
Adani Total Gas is a joint venture between Adani Group and France’s TotalEnergies.