Adani Total Gas Q3 PAT grows 26% to Rs 146 cr

Adani Total Gas' consolidated net profit jumped 26.25% to Rs 145.87 crore on 0.67% rise in revenue from operations to Rs 522.27 crore in Q3 December 2020 over Q3 December 2019.

Consolidated profit before tax (PBT) soared 36.01% to Rs 195.34 crore in Q3 FY21 as against Rs 143.62 crore in Q3 FY20. Total tax expense for the quarter jumped 72.24% to Rs 50.21 crore in Q3 FY21 as against Rs 29.15 crore in Q3 FY20. EBITDA rose 33.73% year-on-year to Rs 222 crore in Q3 FY21.

Combined volume of CNG and PNG achieved 153 million metric standard cubic meters (MMSCM) in Q3 FY21 as against 154 MMSCM in Q3 FY20. Average volume in Q3 FY21 increased to 1.67 million metric standard cubic meters per day (MMSCMD) as compared to average volume of 1.43 MMSCMD in Q2 FY21, recording an improvement of 17% on Q-o-Q (quarter-on-quarter) basis.

CNG stations increased to 151, and 17 new CNG stations were commissioned during Q3 FY21. PNG home connection increased to 4.57 lakh (with 10,346 new connections added in Q3 FY21). Commercial & industrial connection now increased to 4,737.

Commenting on the Q3 results, Gautam Adani, the chairman of Adani Group, said: "I am witnessing the progress made by the combined synergies of Adani and Total. Our collective strengths will significantly contribute towards creation of a gas-based economy. We are committed to take this cleaner fuel across the nation in line with our vision to build a sustainable future."

In January 2021, Adani Total Gas surpassed a milestone of 2 million gas volume sale per day (2 MMSCMD). From 1 January 2021, the name of the company has been changed to Adani Total Gas from Adani Gas. On 21 January 2021, the company acquired 5% stake of India's first fully automated gas exchange namely Indian Gas Exchange (IGX).

Shares of Adani Total Gas declined 3.20% to Rs 388.15. Adani Total Gas is engaged in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.

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