Companies

Adani Total Gas PNG volumes at pre-Covid levels

Ahmedabad | Updated on February 03, 2021 Published on February 03, 2021

Adani Total Gas Ltd said on Wednesday it has shown complete recovery from the Covid-19 slump. It reported combined volumes of compressed natural gas (CNG) and piped natural gas (PNG) at 153 million metric standard cubic metres (MMSCM) for the quarter ended December 2020, against 154 MMCM in the corresponding quarter a year ago.

The company said that of the 153 MMSCM, CNG was 68 MMSCM, and PNG was 75 MMSCM. During the quarter, the volumes of PNG rose by 8 per cent, whereas for CNG it fell by about 9 per cent over the same quarter last year.

CEO Suresh Manglani said CNG sales were hit primarily because of the closure of schools and offices due to the pandemic. "From the operational aspect, the December quarter was a normal quarter as the post-Covid unlocking led to increase in demand for PNG and CNG," he said at a results concall.

Company has seen gradual increase in the daily volumes over previous quarters. It achieved average gas sales volume during the October-December quarter of 2020-21, at 1.67 MMSCMD as compared to average volume of 1.43 MMSCMD in the preceding quarter with a recovery of 17 per cent on a QoQ basis.

Adani Total Gas posted standalone net profit of ₹145 crore, as against ₹114 crore in the same quarter last year, an increase of 27 per cent year-on-year, indicating recovery from the Covid-19 downfall. Its standalone revenues from operations stood at ₹522 crore as against ₹519 crore in the same quarter last year.

On a consolidated basis, the company posted a net profit of ₹146 crore as against ₹116 crore in the same period last year, up 26 per cent year-on-year.

AGTL has now 151 CNG stations across India with addition of 17 New ones during the quarter under review.

On the government's budget proposals of covering 100 districts under CGD network, monetising public sector companies' pipeline infrastructure and setting up of Hydrogen Energy Mission, Manglani stated that the more details about the announcements are awaited and that it was early to comment on it.

AGTL shares ended lower at ₹395.80 down, 1.3 per cent, on the NSE on Wednesday.

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Published on February 03, 2021
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