Companies

Adani Gas Q4 standalone net profit up 90%

Our Bureau Ahmedabad | Updated on May 27, 2019 Published on May 27, 2019

Board recommends 25% dividend for FY 2018-19

The City Gas Distribution (CGD) entity of the Adani Group, Adani Gas Limited (AGL) on Monday reported a sharp jump in the standalone net profit at ₹76 crore for the quarter ended March 2019, up by 90 per cent from ₹40 crore in the corresponding quarter a year ago.

Company's total standalone income for the quarter stood at ₹506 crore, up from ₹494 crore in the same quarter last year.

At its meeting held on Monday, the Board of Directors recommended dividend of Re 0.25 per equity share of face value of Re 1 each for the financial year 2018-19.

For the fiscal 2018-19, company's standalone net profit stood at ₹229 crore, up by 39 per cent from ₹165 crore in the previous year. Total standalone income for the year stood at ₹1,910 crore, up from ₹1,538 crore last year.

On the operational front, the company won 15 additional Geographical Areas (GA) in the ninth and tenth rounds of bidding for developing CGD networks during the year. While the company along with its joint venture with Indian Oil Corporation Limited (IOCL), is now authorised to develop CGD networks in 38 GAs. Along with this, the company is now operational in 13 GAs.

Suresh P Manglani, CEO, AGL, said, "With our growing footprint across the country, AGL is aiming to extend value to many and is taking yet another step towards India’s dream of embracing a better energy mix. We endeavor to utilize our decade-long CGD experience and expertise to be the largest CGD Company in India.”

Adani Gas shares closed 4.92 per cent higher at Rs 142.90 in the Sensex.

Published on May 27, 2019
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