Adani Total Gas Q1 profit up 7% on higher CNG sales

Adani Total Gas news: Adani Total Gas Ltd, the city gas joint venture of Adani Group and French energy giant TotalEnergies, on Tuesday reported 7 per cent rise in June quarter net profit on the back of higher CNG sales. Net profit of Rs 148 crore in April-June is compared with Rs 138 crore a year back, the company said in a statement. Revenue increased 2 per cent to Rs 1,135 crore. The firm sold 8 per cent more gas at 198 million standard cubic meters in the quarter. Of this, CNG sales rose 18 per cent to 128 mmscm.

It added 7 CNG stations to take the number to 467, and 23,928 users to take the total piped natural gas homes to 7.28 lakh. Adani Total Gas said 141 EV charging points have been commissioned at 40 locations. Under bio business, it is building one of India's largest biogas plants in Uttar Pradesh, with phase 1 likely to be commissioned in the fourth quarter of the current fiscal. "In the beginning of the quarter effective April 2023, the city gas industry saw key support from Government of India notifying the stability of APM prices with floor and cap which helped Adani Total Gas Ltd (ATGL) reduce the prices of piped natural gas (PNG) and CNG making it more affordable for end consumers to opt for cleaner fuel as their preferred choice," said chief executive Suresh P Manglani.

He said despite challenges emerging from softening of alternate fuels, the firm achieved excellent physical and financial results with a significant increase in infrastructure reach, augmentation of volume and highest-ever EBIDTA. "With the continued constructive policy support to CGD industry coming from government, we are confident the further growth in infra numbers and volume shall gain momentum in spreading CGD network across all our 33 Geographical Areas," he said.

The company is increasing its footprint in the core city gas distribution (CGD) business and beyond natural gas through setting up EV charging stations, converting waste to compressed biogas (CBG) and exploring setting up LNG stations for long haul heavy vehicles, offering a wider range of sustainable energy solutions to consumers, he added.

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