Adani Total Gas registers 7% growth in net profits in Q1

Ahmedabad: Adani Total Gas reported a profit after tax at Rs 148 crore during the April-June 2023 quarter, a 7 per cent increase from the year-ago quarter.

In the year-ago quarter, the company's profits were Rs 138 crore.

Adani Total Gas Ltd, which is among India’s leading city gas distribution companies, announced today its operational and financial performance for the quarter ended June 2023.

Its revenue from operations increased marginally by 2 per cent to Rs 1,135 crore from Rs 1,110 crore last year.

Adani Total Gas is authorised in 33 geographical areas and plays a key role in the nation’s efforts to enhance the share of natural gas in its energy mix.

Of the 52 areas, 33 are owned by it and the balance 19 are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited.

“With the continued constructive policy support to CGD (city gas distribution) industry coming from Government, we are confident the further growth in infra numbers and volume shall gain momentum in spreading CGD network across all our 33 Geographical Areas,” said Suresh P Manglani, ED and CEO of Adani Total Gas.

“With the consumer centricity approach, we have expanded our horizons by increasing our reach/footprint in core CGD business and beyond natural gas through setting up EV charging stations, converting waste to CBG and exploring to set up LNG stations for long haul heavy vehicles, offering a wider range of sustainable energy solutions to all our consumers,” added Manglani.