India's Adani Total Gas reports 9% increase in profit in April-June
Indian city gas distribution (CGD) company Adani Total Gas on August 1 announced an 8.7% year/year increase in profit during the April-June quarter (Q1), thanks to higher CNG sales volume.
The company booked a consolidated net profit of 1.5bn rupees ($18mn) in Q1 versus 1.38bn rupees in the same quarter last year. Its consolidated revenue came in at 11.35bn rupees in Q1, up from 11.1bn rupees in the same period last year.
CNG sales volume during the quarter increased by 18% yr/yr on account of a reduction in CNG prices along with network expansion of CNG stations.
With the new pricing regime coming into effect in India, CGD companies have reduced prices of PNG which is supplied to households and commercial establishments and CNG which is used by the transportation sector.
Adani Total Gas is a joint venture between Adani Group and France’s TotalEnergies.