Indian Adani Gas Reports Rise in Annual Revenue
Indian gas retailer Adani Gas, a part of the Adani Group, May 27 said its revenue from operations for the 12-months to March (fiscal 2018-2019) was up 32% year-on-year owing to strong volume growth in both piped natural gas (PNG) and CNG segments.
Revenue increased to rupees 18.23bn ($260mn) in fiscal 2018-2019 from 13.85bn in the previous year. Company’s CNG volume grew by 12% to 276mn m3 as against 248mn m3 in the previous year. PNG distribution increased by 14% to 264mn m3
In the three months to March (Q42019), revenue increased 24% year-on-year to rupees 4.94bn, the company said. Adani Gas’ volumes growth during the quarter was 14% and 5% respectively in CNG and PNG respectively.
The company recently won additional geographical areas (GA) in the ninth and tenth rounds of city gas distribution (CGD) bidding. With these wins, Adani Gas is now authorised for 19 GAs and its joint venture with Indian Oil is now authorized for 19 GAs for natural gas network development and distribution, making it one of the leading CGD players in the country.
Adani Gas is currently operating CGD network in five locations: Ahmedabad, Baroda, Faridabad, Khurja and Palwal. Its joint venture with Indian Oil is currently running CGD networks at Prayagraj, Chandigarh, Panipat, Udham Singh Nagar, Daman, Dharwad, Ernakulam and Bulandshahr.