Adani Total Gas Q1 net down 3% on increased gas costs 

BL Ahmedabad Bureau | Updated on: Aug 04, 2022

FILE PHOTO: The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/File Photo | Photo Credit: AMIT DAVE

Company’s revenues from operations jump 112% 

Ahmedabad, August 4 Adani Total Gas Ltd posted consolidated net profit of ₹138 crore for the first quarter ended June 30, 2022, about 3 per cent down from ₹143 crore in the same quarter a year ago.

The company’s revenue from operations stood at ₹1,110 crore (₹522 crore), a growth of 112 per cent.

Profits were under pressure due to high costs of natural gas and traded items, which stood at ₹722 crore (₹217 crore). This resulted in an increase in total expenses at ₹934 crore (₹345 crore).

“For Q1 FY23, there has been significant increase in APM price, R-LNG prices, as well as lower allocation of APM gas during the quarter which impacted the gas cost as well as the gross margins,” the company said in a statement.

ATGL reported EBITDA of ₹228 crore, up 6 per cent from year-ago levels.

“It has been a challenging scenario for the CGD industry with significantly high input gas prices mainly due to geopolitical factors as well as supply shortages across the globe, which are likely to continue in the near future. ATGL has calibrated increase in its sales price balancing the interest of its consumers with the sudden spurt in gas prices.” said Suresh P Manglani, CEO of Adani Total Gas.

ATGL reported CNG volume growth of 61 per cent on account of addition of new CNG stations, while PNG Volume has increased by 3 per cent due to addition of new customers, it said in the statement.

ATGL shares gained over 2 per cent to end at ₹3334.65 on the BSE on Thursday.

Published on August 04, 2022
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