Consolidated net profit in July-September was at Rs 120.06 crore, or Rs 1.09 per share, compared with Rs 50.66 crore, or Rs 0.46 per share, profit after tax (PAT) in the same period a year back, the company said in a statement.
The Rs 5,700-crore agreement is one of the largest foreign direct investment deals in the Indian city gas distribution sector.
Adani Family and TOTAL SA shareholders will ultimately hold 37.4 percent each and public shareholders will hold remaining 25.2 percent.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 30 points gain or 0.26 percent. Nifty futures were trading around 11,365-level on the Singaporean Exchange.
The announcement comes a year after the two firms announced a 50:50 joint venture to import and retail natural gas.
The company's revenue rose 21 percent to Rs 479 crore.
Adani Gas, an arm of Adani Group, operates a distribution pipeline network of over 6,000 km and caters to nearly 350,000 retail customers, the report said.
Adani Gas said it sold 14 percent more CNG to automobiles and five percent more piped cooking gas to household kitchens in the fourth quarter of 2018-19.
Retail company Future Enterprises posted profit at Rs 46.3 crore in Q4FY19 against loss of Rs 46.7 crore in corresponding period last fiscal. Revenue during the quarter surged 29.7 percent to Rs 1,221 crore YoY
Adani Gas participated in 10th city gas distribution (CGD) bidding round issued by Petroleum and Natural Gas Regulatory Board.
Adani Gas had, in response to a November 2005 invitation of Rajasthan government, bid for setting up the city gas distribution network in Udaipur and Jaipur.
Revenue from operations rose to Rs 484.84 crore from Rs 348.74 crore in the third quarter of the previous fiscal.
13 new geographical areas for which Adani Gas has been granted authorisation to lay city gas infrastructure are in six states which are Gujarat, Haryana, Karnataka, Tamil Nadu, Rajasthan and Odisha.
In the bidding process, Adani Gas lost to state-run Gujarat Gas Limited to supply PNG and CNG in Sanand, Bavla and Dholka areas of the district.
Adani Gas-Indian Oil combine, GAIL Gas, Gujarat Gas and BPCL are among 18 companies that have bid for licence to retail CNG to automobiles in 20 cities like North Goa and Bhatinda.
Fair trade regulator CCI has ordered a probe into alleged abuse of dominant position by Adani Gas in providing natural gas to commercial and domestic users in Faridabad.
Adani Gas, a unit of Adani Enterprises, will pick up 20% equity in Green Gas Ltd, a joint venture between state-run gas utility GAIL India and Indian Oil Corp (IOC), the Business Standard reported on Friday.
Adani Enterprises touched an intraday high of Rs 588 and an intraday low of Rs 575. At 09:29 hrs the share was quoting at Rs 583.10, up Rs 10.95, or 1.91%. Adani Gas, a subsidiary of Adani Enterprises will pick up 20% equity in Green Gas a JV between GAIL and IOC, reports Business Standard.
State run oil and gas PSU Gujarat State Petroleum Corporation (GSPC) today hiked the price of compressed natural gas (CNG) by Rs 3.25 per kg, impacting industry and households in the state.