Adani Total Gas Ltd. on Thursday said that its allocation of administered price mechanism gas has been revised upwards by 20% and it will come into effect from Jan. 16, 2025.
According to the company's exchange filing, the city gas distributor, which supplies piped natural gas, was intimated about the development by the nodal agency GAIL India Ltd.
The company added this upward revision will have a positive impact on the company and help stabilise the retail prices to the end consumers.
For the second quarter of fiscal 2025, Adani Total Gas' profit had risen 8% sequentially. The Adani Group company's net profit rose to Rs 186 crore in the quarter ending in September, as compared with Rs 172 crore over the previous quarter, according to an exchange filing on Thursday.
The company's revenue saw growth due to higher volume and sales realisations, while its Ebitda rose due to volume growth, which saw an increase due to infrastructure expansion and operational efficiency.
Adani Total Gas' growth this quarter was mainly driven by an uptick in total sales volumes, which grew 15% year on year to 242 million metric standard cubic meters of gas. Growth was mainly driven by the 19% volume growth in CNG sales and a 7% annual uptick in PNG sales. As per the company, the growth in PNG sales is on the back of an increase in consumption of PNG industrial volume and additions of new PNG connections in domestic and commercial segments.
The company's announcement about the development came after market hours. Shares of Adani Total Gas Ltd. closed 3.16% lower at Rs 681.95 apiece on the BSE, compared to a 0.68% decline in the benchmark Sensex.
Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
