Adani Total Gas rose 1.69% to Rs 905.95 after the company received an approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to establish and operate a City Gas Distribution Network in Jalandhar GA (geographical areas), Punjab.
PNGRB approval was an essential condition precedent in the Business Transfer Agreement (BTA). With Jalandhar GA, the company now has 34 GAs and enables the company to have its footprint in the state of Punjab, in the gas distribution business to serve the consumers.Adani Total Gas is one of India's leading private players 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.
The natural gas distribution companys standalone net profit jumped 58.6% to Rs 165.34 crore in Q4 FY24 as against Rs 104.25 crore recorded in Q4 FY23. Revenue from operations (excluding excise duty) rose 4.61% year on year (YoY) to Rs 1,165.95 crore in the quarter ended 31 March 2024.
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