India's Adani Total Gas reports 200% jump in quarterly profit
Indian city gas company Adani Total Gas (ATGL), a joint venture between Adani Gas and France’s TotalEnergies, on August 4 reported a 199% year/year increase in net profit during the three months to June 30 (Q1) owing to a sharp jump in gas sales volumes.
The company realised a profit of 1.38bn ($19mn) rupees compared with 460mn rupees in the same period last year. Gas sales volume was up 118% yr/yr. CNG sales volume jumped 180% yr/yr while piped natural gas volume increased by 80% yr/yr, ATGL said.
“The intent of both the Adani Group and TotalEnergies is to rapidly establish an energy portfolio that continues to get greener - and gas is a critical component of this mix,” Gautam Adani, chairman, Adani Group said. “ATGL's strong performance is yet again a manifestation of this intent and we are strongly positioned to continue to significantly expand our CGD [city gas development] networks across all geographical areas.”
Suresh Manglani, CEO of ATGL said that despite the severe onslaught of the COVID-19 pandemic across India, ATGL has delivered an excellent performance for Q1 on all fronts – by its volume growth, infrastructure growth, financial results and by safely running operations.
“This testifies to our strong foundations and continued growth, which are helping us to provide PNG to every home and to commercial and industrial consumers, and CNG to large masses of transport consumers,” Manglani said.