Companies

Latest Covid wave will have temporary impact on gas sales volumes: Adani Total Gas

Our Bureau Ahmedabad | Updated on May 05, 2021

Company sees some decline in commercial, CNG and industrial demand

Adani Total Gas Limited (ATGL) said on Tuesday that the latest wave of Covid-19 pandemic in the country will have a temporary impact on the company’s gas sales volumes, while it sees normalcy to return as soon as the pandemic surge settles.

Addressing a media analyst concall after the company’s quarterly and annual financial results, company’s CEO, Suresh Mangalani, said gas demand was impacted last year because there was a nationwide lockdown early last year. “This time, a certain section of the country is under lockdown. Some of the others have restricted lockdown. We are definitely seeing some decline. But not as much as last time that we saw,” Mangalani said.

Adani Total Gas PNG volumes at pre-Covid levels

“There is some decline naturally on commercial, CNG and industrial volumes. We do see some decline in gas demand but comparatively much less as compared to last year,” he said, adding that the bounce-back in demand is expected after the latest Covid wave starts declining.

Net profit up

The Board of Directors of AGTL have recommended dividend of ₹0.25 or 25 per cent on per equity share of face value of ₹1 for fiscal 2020-21.

The company’s standalone net profit stood at ₹145 crore for the quarter ended March 31, 2021, up 19 per cent from the corresponding quarter a year ago. Standalone revenues for the quarter stood at ₹614 crore, up 25 per cent from ₹490 in the same quarter last year.

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For the financial year 2020-21, the company reported net profit of ₹472 crore, up 8 per cent from ₹436 crore in the previous year. Standalone revenues for the fiscal stood at ₹1,784 crore, 10 per cent lower from ₹1,991 crore in the previous year.

Adani Total Gas shares gained 1.15 per cent at ₹1,252.50 on BSE, Tuesday.

Published on May 05, 2021

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