Adani Total Gas Fuels Growth Amid Elevated Gas Prices
Adani Total Gas Ltd reported an 8% decline in net profit due to increased input costs from pricier gas. The firm continues its growth, with a 16% increase in gas volumes and a Jio-bp partnership, despite challenges in gas supply. Expansion includes more CNG stations and e-mobility solutions.
- Country:
- India
Adani Total Gas Ltd experienced an 8% drop in net profit for the June quarter, attributed to a rise in input costs after a reduction in supply of cheaper domestic gas.
Net profit fell to Rs 162 crore from Rs 177 crore the previous year. The natural gas cost surged 31% as the company switched to pricier sources, causing operational changes. Despite challenges, revenue from operations increased by 21% to Rs 1,491 crore, driven by the CNG segment.
ATGL's strategic move with Jio-bp aims to expand its gas distribution and integrate additional services. The company continues to focus on infrastructure with a strong year-on-year volume growth of 16%. The expansion includes new CNG stations and advancement in e-mobility, LNG, and CBG businesses.
(With inputs from agencies.)
- READ MORE ON:
- Adani
- Total Gas
- net profit
- CNG
- gas prices
- expansion
- Jio-bp
- partnership
- energy
- CNG stations
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