India's Adani Total Gas quarterly profit rises 6% on sales volume growth

By Reuters News

Oct 22 (Reuters) - India's Adani Total Gas ADAG.NS reported a 6% rise in second-quarter profit on Thursday, supported by higher natural gas volumes.


Here are some details:

  • The company, a joint venture between Adani Group and French oil major TotalEnergies SE TTEF.PA, said its consolidated net profit rose to 1.73 billion rupees ($18.24 million) in the July-September quarter, from 1.63 billion rupees a year ago

  • Adani Total Gas distributes compressed natural gas for vehicles and piped natural gas to households, businesses and industrial customers

  • The company said it operated in a challenging environment marked by the Middle East crisis, elevated Brent and spot gas prices and currency depreciation

  • "Our diversified sourcing portfolio, mix of long-term contracts and flexible market purchases along with calibrated price mechanism helped manage cost pressures, maintained supply reliability, and sustained customer demand," CEO Sanjay Pandita said

  • CNG volumes, which account for over 70% of the firm's total sales volume, grew 17% year-on-year, supported by network expansion and higher throughput, while PNG volumes rose 3%

  • The company added 16 new CNG stations in the quarter, taking the total to 723

  • Revenue from operations rose 33.8% to 21.10 billion rupees

  • Total expenses rose 38% to 18.90 billion rupees


($1 = 94.8500 Indian rupees)

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