Adani Total Gas posts 8% rise in Q1 profits at Rs 150cr

AHMEDABAD: Adani Total Gas Limited (ATGL), which is part of the ports-to-power conglomerate, Adani Group, on Tuesday announced its first quarter results and posted an 8% rise in its quarterly profits.

The company posted Rs 150 crore profit in the first quarter of FY 2024 as compared to Rs 138 crore in the corresponding quarter. The sales volumes rose 8% at 198 million metric standard cubic meters (MMSCM), from 183 MMSCM during the period. Despite higher volume, the cost of gas also remained flat due to lower domestic gas price, ATGL said in its regulatory filing.
ATGL’s revenue from operations stood at Rs 1,135 crore, up 2% as compared to Rs 1,100 crore in the year-ago period.

“In the beginning of the quarter, the CGD (city gas distribution) industry saw key support from government notifying the stability of APM prices with floor and cap which helped ATGL to reduce the prices of PNG and CNG making it more affordable for end consumers to opt for cleaner fuel as their preferred choice,” said Suresh P Manglani, ED & CEO, ATGL.