Adani Total Gas Q1 Results: Net profit rises 9% to ₹150 crore, revenue up 2% YoY; key highlights here
Adani Total Gas Q1 Results: Adani Total Gas announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 1, reporting a rise of 9 per cent in consolidated net profit at ₹150 crore, compared to ₹138 crore in the corresponding period last year. The gas distributer's revenue from operations in the first quarter of current fiscal stood at ₹1,056.1 crore, registering a marginal rise of 1.3 per cent, compared to ₹1,042.3 crore in the year-ago period.
On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the June quarter came in at ₹247.8 crore, reporting a rise of 13.3 per cent, compared to ₹218.6 crore in the year-ago period. EBITDA rose on account of higher volume, cost optimization and maintaining a balanced price strategy.
The sales volumes during the quarter-under review rose 8 per cent at 198 million metric standard cubic meters (MMSCM), compared to 183 MMSCM in the same quarter last year. Despite higher volume, the cost of gas also remained flat due to lower domestic gas price.
“In the beginning of the quarter effective April 2023, CGD (city gas distribution) industry saw key support from government notifying the stability of APM prices with floor and cap which helped Adani Total Gas 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 said Suresh P Manglani, ED & CEO of Adani Total Gas. ‘’With the continued constructive policy support to CGD 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," added Manglani.
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