Adani-Total Gas Q4 net increases by 19%

New Delhi: Adani Total Gas Ltd, the city gas joint venture of Adani Group and French energy giant Total, on Tuesday reported a 19 per cent rise in its March quarter net profit as the firm expanded operations in newer geographies, resulting in higher sales volumes.

Net profit in the January-March quarter of FY21 was Rs 145 crore compared to Rs 122 crore in the same period of the previous fiscal, company CEO Suresh P Manglani said on a media call.

"This is the third successive quarter of highest ever financial performance with robust physical infrastructure growth despite ongoing pandemic," he said.

While the company had seen volumes of CNG sold to automobiles and piped natural gas to households and industries recovered to pre-Covid level in the second half of 2020-21, the resurgence of the pandemic has marginally hurt demand.

"Gas demand has fallen as certain geographies are under lockdown," he said adding this dip is particularly in sale of CNG and industrial fuel.

He, however, exuded confidence that the moment pandemic recedes, the lost volumes will be recovered. "There is some decline in volume. We will compensate the decline in times of come." The company sold 14 per cent more gas at 166 million standard cubic meters of gas (75 mmscm CNG and 91 mmscm piped natural gas) in the January-March quarter.