Companies

Adani Gas standalone net up 44%

Our Bureau Ahmedabad | Updated on August 07, 2019 Published on August 07, 2019

Gautam Adani   -  Rajeev Bhatt

Adani Group’s city gas distribution arm, Adani Gas Ltd (AGL), posted standalone net profit of ₹79 crore for the quarter ended June 2019, up 44 per cent as against ₹55 crore reported in the corresponding quarter a year ago.

Standalone revenues from operations stood at ₹479 crore for the quarter, up from ₹396 crore in the same quarter last year.

On a consolidated basis, the company’s net profit stood at ₹79 crore up from ₹55 crore in the same quarter last year. The company reported consolidated revenues from operations for the quarter at ₹479 crore, up from ₹396 crore reported last year. The company’s operations saw overall 9 per cent growth in sales volume to 137 MMSCM on the back of strong volume growth in both PNG and CNG distribution. “Our volume of PNG distribution has increased by 10 per cent to 67 mmscm vs 60 mmscm in comparative period. Our CNG volume has grown by 9 per cent to 71 mmscm against 65 mmscm in comparative period,” AGL informed in a statement. Operating EBITDA for the quarter under review increased by 32 per cent Y-o-Y to ₹135 crore as against ₹103 crore in the same period last year.

Gautam Adani, Chairman, Adani Group, said, “In the coming years, Adani Gas Ltd will aggressively focus on fulfilling our national energy imperatives and will succeed in transforming India to a gas-based economy, consequently creating substantial value for our shareholders. As one of the biggest and most dense city gas distribution networks in the country, AGL is poised for to be part of a million growth stories and success stories from all over India”.

Suresh P Manglani, CEO, AGL said, “Adani Gas will continue to be a leader in the city gas distribution sector in India. We, along with our JV partner IOC, are already authorised to distribute gas in 38 geographical areas covering 71 districts, 68 large towns and almost 8 per cent of Indian population in 15 states.”

Currently AGL is operating CGD Network in 13 Locations together with JV Company IOAGP.

AGL shares ended positive at Rs 156.85 up 1.4 per cent on the Bombay Stock Exchange (BSE) Wednesday.

Published on August 07, 2019
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