Adani Gas Q1 net jumps 43 pc on higher gas sales

Adani Gas Ltd on Wednesday reported a 43 per cent rise in first quarter net profit at Rs 79 crore on back of increase in gas sales. Net profit in April-June of 2018 was at Rs 55 crore, the company said in a statement.

"Q1 FY20 overall sales volume grew by 9 per cent to 137 million standard cubic metres on the back of strong volume growth in both piped natural gas (PNG) and CNG distribution," it said. Volume of PNG distribution has increased by 10 per cent to 67 mmscm, while CNG volume grew by 9 per cent to 71 mmscm.

"Adani Group's growth in sectors critical to nation building has been significant, supporting the various initiatives undertaken by the Government of India," Adani Group Chairman Gautam Adani said. "In the coming years, Adani Gas will aggressively focus on fulfilling our national energy imperatives and will succeed in transforming India to a gas-based economy, consequently creating substantial value for our shareholders. As one of the biggest and most dense city gas distribution networks in the country, AGL is poised to be part of a million growth stories and success stories from all over India," he said.

The company's revenue rose 21 per cent to Rs 479 crore. It now has 4 lakh PNG consumers after giving out more than 11,000 connections in April-June. It has also operationalised two new CNG stations, taking the total network strength to 84, the statement said.

Suresh P Manglani, CEO, Adani Gas Ltd, said: "AGL in the first quarter of 2019-20 has performed well. With our growing footprint across the country, AGL is aiming to extend value to many and is taking yet another step towards India's dream of embracing a better energy mix. Adani Gas will continue to be a leader in the city gas distribution sector in India." The company and its joint venture partner IOC have won licences to retail CNG and PNG in 38 geographical areas covering 71 districts, 68 large towns and almost 8 per cent of Indian population in 15 states.

"Currently we are operating city gas distribution (CGD) network in 13 locations together with our JV company," he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)