Adani Gas revenue in FY 19 up 32 pc at Rs 1,385 crore

Adani Gas said on Monday its revenue from operations increased to Rs 1,823 crore in 2018-19, up by 32 per cent from Rs 1,385 crore in the previous year, on the back of strong volume growth in both piped natural gas (PNG) and compressed natural gas (CNG) distribution.

The CNG volume grew 12 per cent to 276 million standard cubic feet per day (MMSCM) against 248 MMSCM in the comparative period. The volume of PNG distribution also increased by 14 per cent to 264 MMSCM versus 231 MMSCM.

The operating earnings before interest, tax, depreciation, and amortisation (EBITDA) for FY 19 increased by 25 per cent to Rs 455 crore from Rs 365 crore last year.

On the Q4 FY 19 basis also, the company's revenue increased by 24 per cent to Rs 494 crore compared to Rs 395 crore in Q4 FY 18. The volumes growth was 14 per cent and 5 per cent respectively in CNG and PNG.

The operating EBITDA for Q4 FY19 also witnessed strong growth of 52 per cent to Rs 140 crore versus Rs 92 crore in Q$ FY18.

"Adani Group's progression in sectors critical to nation building which in consonance to the various initiatives undertaken by the government is now visible and apparent to our stakeholders across the country," said company's Chairman Gautam Adani.

"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," he said in a statement.

Adani Gas has set up city gas distribution networks at Ahmedabad and Vadodara in Gujarat, Faridabad, and Palwal in Haryana, and Khurja in Uttar Pradesh. In addition, its joint venture with Indian Oil Corporation has started operations in Prayagraj, Chandigarh, Ernakulam, Panipat, Daman, Dharwad, Udhamsingh Nagar, and Bulandsahar.