Adani Total Gas reports 37% jump in profit in January-March
Indian city gas distribution (CGD) company Adani Total Gas on May 2 reported a 37% year/year increase in net profit for the three months to March 31 (Q4FY2023) driven by higher volumes.
The company booked a net profit of 1.04bn rupees ($13mn) in Q4 versus 760mn rupees in the same quarter last year. Its revenue came in at 11.97bn rupees in Q4, up from 10.65bn rupees in the same period last year.
Gas sales volume rose to 193mn m3 in Q4 from 189mn m3 a year ago. CNG sales volume was 121mn m3 versus 100mn m3 in the same period last year.
For the full year, the company’s revenue from operations increased by 46% yr/yr to 46.83bn while profit was up 5% yr/yr to 5.3bn rupees.
The company added 126 CNG stations during the year bringing the total to 460. Its total piped natural gas connections to households stood at 704,000, with 124,000 new households being connected during the year. Industrial and commercial connections increased to 7,435, with 867 new consumers being added.
Adani Total Gas is a joint venture between Adani Group and France’s TotalEnergies.