Adani Total Gas's net profit jumps three-fold to Rs 138 cr in Jun quarter

Adani Total Gas Ltd, the city gas joint venture between Adani Group and TotalEnergies of France,reported a three-fold jump in its June 2021 quarter net profit to Rs 138 crore, as sales volumes soared.

Adani Total Gas Ltd, the city gas joint venture between Adani Group and TotalEnergies of France, on Wednesday reported a three-fold jump in its June 2021 quarter net profit to Rs 138 crore, as sales volumes soared.

The April-June 2021 net profit was 199 per cent higher as compared with Rs 46 crore in the same period last year, the company said in a statement.

Sales volumes doubled to 140 million metric standard cubic meters (mmscm).

The firm sold 68 mmscm of CNG in the quarter as compared to 24 mmscm in the year-ago quarter, when mobility and economic activity got impacted due to a nationwide coronavirus lockdown.

The sale of piped natural gas rose 80 per cent to 72 mmscm.

Revenue from operations was up 153 per cent Rs 522 crore.

Adani Total Gas CEO Suresh P Manglani said that despite the severe onslaught of the COVID-19 pandemic across India, the firm has delivered an excellent performance for Q1FY22 on all fronts by its volume growth, infrastructure growth, and financial results.

"Our long-term strategy is aligned with global best practices in the realm of sustainability while providing unhindered service to our consumers and creating value for all our stakeholders," he said.