Net profit rises 19 per cent to Rs 145 cr, Energy News, ET EnergyWorld – About Your Online Magazine

Adani Total Gas Q4 Results: Net income rises 19 percent to Rs 145 crNEW DELHI: Adani Total Gas Ltd, the municipal gas joint venture of Adani Group and French energy giant Total on Tuesday reported a 19 percent increase in the March quarter net profit as the company expanded operations into new geographies, resulting in higher sales volumes.

Net profit in the January-March quarter of FY21 was Rs 145 crore compared to Rs 122 crore in the same period of the previous fiscal year, said company CEO Suresh P Manglani in a media call.

“This is the third consecutive quarter of highest financial performance ever, with robust growth in physical infrastructure, despite the ongoing pandemic,” he said.

Although the company has seen volumes of CNG sold to automobiles and piped natural gas to homes and industries recovered to the pre-Covid level in the second half of 2020-21, the resurgence of the pandemic has marginally damaged demand.

Gas demand it fell because certain regions are blocked, “he said, adding that this drop is mainly due to the sale of CNG and industrial fuel.

He, however, exuded confidence that the moment the pandemic subsides, the lost volumes will be recovered. “There is some drop in volume. We will make up for the drop in the near future.”

The company sold 14 percent more gas to 166 million cubic meters of standard gas (75 mmscm CNG and 91 mmscm of piped natural gas) in the January-March quarter.

For the whole year (April 2020 to March 2021), which was hit by the pandemic COVID-19 and the consequent blockade of economic activity, sales volume fell 12 percent, to 515 mmscm. CGN’s sales fell 22 percent in the year, he said.

For AF21, net profit grew 8%, to Rs 472 crore.

“The average volume in the fourth quarter of FY21 increased to 1.85 million standard cubic meters per day, compared to the average volume of 1.6 mmscmd in the third quarter of FY21, showing a recovery of 11 percent over the quarter. previous “, he said.

The company started operations in 14 of the 15 geographic areas (GAs) that it won in the recent licensing rounds. It added 102 CNG stations in the year, bringing the total number to 217, while piped gas connections increased by almost 41,000 to 4.78 lakh.

Manglani said: “With the pandemic attack, it was also a challenging year for the national and municipal gas distribution (CGD) industry. The main goal of Adani-Total Gas was to continue to supply piped natural gas and CNG, and to handle with security all operations and emergencies 24×7. “

Paula Fonseca