Adani-Total Gas Q3 profit rises 20% to Rs 1.68 bn
OIL & GAS

Adani-Total Gas Q3 profit rises 20% to Rs 1.68 bn

Adani Total Gas, the city gas joint venture of Adani Group and TotalEnergies of France, announced that its net profit for the September quarter had increased by 20%. According to the company, the net profit for July-September stood at Rs 1.68 billion, which was 20% higher than the previous year's net profit of INR 139 crore in the same period. The company stated that this increase in profit was due to a boost in sales of compressed natural gas (CNG).

The sales of CNG experienced a significant rise, increasing by 20% to reach 113 million standard cubic meters. However, piped gas supplies saw a decline of 3% and stood at 75 million standard cubic meters. Despite these changes in sales volumes, the company's revenue remained nearly unchanged at Rs 11.78 billion.

The company explained, "Revenue from operations has remained flat due to a reduction in gas cost resulting from the revised pricing formula approved by the Government of India, effective from April 8, 2023. Adani Total Gas passed on this benefit to its consumers, leading to a decrease in the sales price." The company further stated that this decrease in sales price was the reason behind the unchanged revenue figures.

Additionally, the company reported that its earnings before interest, taxes, depreciation, and amortisation (EBITDA) had increased by 17%. This growth was attributed to higher sales volume and a balanced price strategy.

Adani Total Gas, the city gas joint venture of Adani Group and TotalEnergies of France, announced that its net profit for the September quarter had increased by 20%. According to the company, the net profit for July-September stood at Rs 1.68 billion, which was 20% higher than the previous year's net profit of INR 139 crore in the same period. The company stated that this increase in profit was due to a boost in sales of compressed natural gas (CNG). The sales of CNG experienced a significant rise, increasing by 20% to reach 113 million standard cubic meters. However, piped gas supplies saw a decline of 3% and stood at 75 million standard cubic meters. Despite these changes in sales volumes, the company's revenue remained nearly unchanged at Rs 11.78 billion. The company explained, Revenue from operations has remained flat due to a reduction in gas cost resulting from the revised pricing formula approved by the Government of India, effective from April 8, 2023. Adani Total Gas passed on this benefit to its consumers, leading to a decrease in the sales price. The company further stated that this decrease in sales price was the reason behind the unchanged revenue figures. Additionally, the company reported that its earnings before interest, taxes, depreciation, and amortisation (EBITDA) had increased by 17%. This growth was attributed to higher sales volume and a balanced price strategy.

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?