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

01 Nov 2023 CW Team

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.

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