Shares of Adani Total Gas jumped over 3 percent in morning trade on May 2 riding on robust numbers for the quarter ended March 2024.
The net profit surged 71.6 percent on-year to Rs 168 crore and revenue rose 4.7 percent YoY to Rs 1,167 crore in the quarter under review. The Adani group firm's EBITDA surged nearly 50 percent YoY to Rs 305 crore.
The board of Adani Total Gas also recommended a dividend of Re 0.25 per equity share of the face value of Re 1 each fully paid-up for FY24, subject to approval of shareholders. The company has fixed June 14, 2024 as the record date for the purpose of determining the entitlement of the members of the company to receive dividend.
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At 9:29 am, Adani Total Gas shares were trading 2.25 percent higher on the National Stock Exchange (NSE) at Rs 950.00 per share. In the last one year, the stock has rallied 71 percent, outperforming benchmark Nifty 50 which has risen 18 percent during this period.
The company increased total CNG stations to 547, adding 91 new ones in the full year. “We are incubating new business opportunities in the areas of Compressed Biogas, EV Charging Infrastructure, and LNG for Trucking and Mining (LTM)," it said.
Adani Gas also commissioned the 1st phase of diversified feedstock-to-CBG plant at Barsana in Mathura and now has e-mobility footprint in 23 states. These, along with LTM are the next big growth drivers, said Suresh P Manglani, ED & CEO of Adani Total Gas.
Also Read | Adani Total Gas Q4 net profit rises 71% to Rs 168 crore
Adani Total Gas' total sales volume was 232 MMT in Q4, a 20 percent YoY increase. The CNG volume in FY24 increased by 21 percent YoY on account of network expansion across multiple geographical areas.
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