Adani Total Gas posts a flat performance for Q1FY23

5 Aug 2022 , 09:48 AM

The company increased sales of piped cooking gas and CNG. According to a statement from the company, net profit for April through June was unchanged from the same period last year at Rs138 crore.

The company, a joint venture between the Adani Group and TotalEnergies of France for city gas, saw CNG sales to autos jump 61% to 109 million standard cubic meters (mmscm) in the quarter and piped cooking gas sales to households rise 3% to 74 mmscm.

The cost of obtaining natural gas, which is transformed into compressed natural gas (CNG) for sale to autos and delivered to homes for cooking purposes, tripled to Rs785 crore in the first quarter of the current fiscal year from Rs245 crore the previous year, negating this.

Operations revenue more than quadrupled to Rs1,110 crore, and EBITDA increased by 6% to Rs228 crore.

The cost of domestic gas for city gas operations and imported LNG, according to the firm, both increased significantly in the third quarter.

Additionally, because there was a reduced allocation of domestically produced gas during the quarter, more imported fuel was purchased, which had an effect on the price of gas and the gross margins.

City gas operators receive a combined supply of domestic and imported fuel due to stagnating domestic gas output.

According to the statement, "ATGL has adjusted its retail pricing revisions to balance the interests of its users and its shareholders from the impact of an unexpected surge in the gas purchase price."