Adani Total Gas Q3 results: Net profit rises 17%, revenue up 27%

Adani Total Gas reported a consolidated net profit of Rs 150 crore for the December 2022 quarter, up 17 per cent from Rs 128 crore in the same quarter last year. Consolidated revenue from operations stood at Rs 1,185 crore (from Rs 932 crore last year), up 27 per cent.

“During the quarter, Adani Total Gas delivered a good performance, despite the high input gas price scenario. While gas sector has been seeing volatility in prices due to geopolitical issues, we have seen a moderation in the international gas prices in the recent weeks,” Suresh P Manglani, CEO of Adani Total Gas, said.

The company reported total sales volume of 186 mmscmd (million metric standard cubic meter) for the quarter, which was lower by 3 per cent from 192 mmscmd recorded for the same period last year. The reduction was observed in PNG segment, where sales volumes dipped to 70 mmscmd for the quarter (91 mmscmd las year). The compressed natural gas (CNG) sales grew 15 per cent to 116 mmscmd from 101 mmscmd last year.

The company attributed the dip in PNG volume to lesser offtake of gas largely by industrial consumers owing to high prices resulting from higher gas cost. The CNG volumes, on the other hand, recorded improvement on the back of network expansion of CNG stations.