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Adani Total Gas reports flat profit of Rs 160.08 crore in Q2 amid high natural gas prices

The company posted a net profit of Rs 160.08 crore compared to Rs 158.12 crore in the year-ago period.

November 03, 2022 / 04:51 PM IST
 
 
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Adani Total Gas Ltd reported a net profit of Rs 160.08 crore in the September quarter of 2022-23, flat from a year ago despite a steep increase in revenue due to high natural gas prices.

The company’s net profit in the quarter a year ago was Rs 158.12 crore. Revenue soared to Rs 1,200.43 crore in the July-September quarter in FY23, much higher than Rs 701.83 crore in the same period last year.

“The CGD (city gas distribution) industry continues to face a challenging scenario with significantly higher input gas prices mainly due to geopolitical factors as well as supply shortages across the globe,” said CEO Suresh P Manglani in a press release.

Compressed Natural Gas (CNG) volume has increased by 40 percent year-on-year on account of increase in consumption along with network expansion of CNG stations, the company said in the press release.

Revenue of the company was Rs 2,319.75 crore in the first half of the current fiscal year, compared to Rs 1,232.33 crore in the same period last year.

The company said that the cost of gas increased by 170 percent, majorly on account of replacement of Administered Price Mechanism (APM) price with Usage Based Pricing (UBP) price for CNG and Domestic Piped Natural Gas (PNG) segment along with increase in R-LNG price which is procured for Industrial and Commercial segment.

Diversification

Adani Total Gas said it has incorporated two new Special Private Vehicles (SPVs) namely, Adani TotalEnergies Emobility Ltd (ATEEL) and Adani TotalEnergies Biomass Ltd (ATEBL), as 100 percent wholly-owned subsidiaries of ATGL, the company said. With these two ventures, the joint venture between Gautam Adani led group and energy major Total aims to expand beyond traditional forms of fuel.

The company also installed electric vehicle (EV) charging stations at various airports and strategic locations, targeting 1500 charging stations.

Adani TotalEnergies Biomass will be in the business of developing, and operating bio-conversion plants. It will produce Compressed Bio-Gas (CBG) and supplemental products including organic manure and fertiliser.
Moneycontrol News
first published: Nov 3, 2022 03:40 pm