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    India's Adani Gas Q1 Profit Jumps


The company is one of the leading city gas distribution players in India.

by: Shardul Sharma

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Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, News By Country, India

India's Adani Gas Q1 Profit Jumps

Indian gas retailer Adani Gas, a part of the Adani group, August 7 said its profit during the three months to June (Q1 2020) was up 43% year on year to rupees 790mn ($11mn) owing to strong volume growth in both piped natural gas (PNG) and compressed natural gas (CNG) segments.  

Overall sales volume in the quarter grew by 9% year on year to 137mn m3; PNG distribution increased by 10% to 67mn m3 while CNG volume grew 9% to 71mn m3, the company said. Adani Gas’ revenue from operations increased 21% year on year to rupees 4.79bn.

The company connected more than 11,000 connections in Q1 taking its cumulative connections to 0.4mn, it said.  Adani Gas put two CNG stations into service during the quarter, taking the total to 84.

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 authorised for 19 GAs for natural gas network development and distribution, making it one of the leading CGD players in the country.

Adani Gas operates CGD networks in five locations: Ahmedabad, Baroda, Faridabad, Khurja and Palwal. Its joint venture with Indian Oil is running CGD networks at Prayagraj, Chandigarh, Panipat, Udham Singh Nagar, Daman, Dharwad, Ernakulam and Bulandshahr.