Adani Total Gas Q1 Results: Profit Rises 8.5% On Improving Operating Income
Adani Total Gas Ltd.'s first-quarter profit rose on improving operating income and margin.
The company's net profit rose 8.56% year-on-year to Rs 150.2 crore in the quarter ended June, according to its exchange filing.
Adani Total Gas Q1 FY24 Highlights (Consolidated YoY)
Revenue from operations rose 1.3% to Rs 1,056.1 crore.
Ebitda rose 13.36% to Rs 247.7 crore on higher volume, cost optimization and maintenance of a balanced price strategy.
Operating margin was up 23.45% versus 20.97% a year ago.
The compressed natural gas volume during the quarter rose by 18% year-on-year on account of a reduction in CNG prices and the network expansion of CNG stations, the company said in a statement.
However, the piped natural gas volume saw a 6% year-on-year decline due to lower offtake by consumers on account of lower alternative fuel prices, it said.
The revenue from operations rose marginally despite higher volumes on account of lower sales price, the company said.
The city gas distributor passed on the reduction in domestic gas prices according to the revised pricing formula approved by the Government of India from April 8, 2023.
The company benefitted from the floor and ceiling on gas prices from April onwards, said Chief Executive Officer Suresh P Manglani.
It helped the company to reduce the prices of PNG and CNG making it more affordable for end consumers to opt for cleaner fuel as their preferred choice, Mangalani said.
"With the continued constructive policy support to the CGD industry coming from the government, we are confident the further growth in infra numbers and volume will gain momentum in spreading the CGD network across all our 33 Geographical Areas," Manglani said.
Shares of Adani Total Gas rose 0.33%, compared to a 0.03% drop in the benchmark BSE Sensex.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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