Adani Total Gas records 17% surge in gas sales in Q2 FY22
30 Oct 2021
2 Min Read
CW Team
Adani Total Gas Limited has recorded a 17% rise in the September quarter net profit on the back of a surge in gas sales volumes.
Net profit in July-September at Rs 159 crore as against Rs 136 crore profit in the corresponding period last year, the firm said in a statement.
With economic activity picking up after the Covid-19 pandemic, CNG sales surged 54% to 91 million cubic meters in Q2 FY22.
Piped gas supplies grew 17% to 84 mmscmd.
Combined CNG and piped natural gas volume increased by 33% t at 175 mmscm. The company exited the quarter with a sale volume of 2.09 million standard cubic meters per day, as against 1.79 mmscmd at the end of the first quarter.
Revenue from operations was increased by 56% at Rs 687 crore.
The firm said that it launched 20 new CNG dispensing stations, taking the total network strength to 244. It added 18,659 new connections to assist cross the 5 lakh target for piped natural gas connections.
Commenting on the result, Gautam Adani, Chairman, Adani Group, told the media that he has very little doubt that gas would continue to play a significantly important role in India's energy mix. The ability to distribute gas across the country is a significant advantage that the Adani Group and TotalEnergies will bring to the people.
ATGL implemented, during the quarter, a joint venture deal with 50% shareholding for installing a manufacturing plant for mechanical and smart gas meters under the Atmanirbhar Bharat initiative.
Additionally, ATGL also has inked a definitive agreement for exclusive collaboration for installing a bio-conversion plant in Barsana having India's largest cow shelter with around 60,000 cows in a single location, said Adani.
Also read: SC dismisses Adani Gas鈥� plea against awarding of CGD to Gujarat Gas
Adani Total Gas Limited has recorded a 17% rise in the September quarter net profit on the back of a surge in gas sales volumes.
Net profit in July-September at Rs 159 crore as against Rs 136 crore profit in the corresponding period last year, the firm said in a statement.
With economic activity picking up after the Covid-19 pandemic, CNG sales surged 54% to 91 million cubic meters in Q2 FY22.
Piped gas supplies grew 17% to 84 mmscmd.
Combined CNG and piped natural gas volume increased by 33% t at 175 mmscm. The company exited the quarter with a sale volume of 2.09 million standard cubic meters per day, as against 1.79 mmscmd at the end of the first quarter.
Revenue from operations was increased by 56% at Rs 687 crore.
The firm said that it launched 20 new CNG dispensing stations, taking the total network strength to 244. It added 18,659 new connections to assist cross the 5 lakh target for piped natural gas connections.
Commenting on the result, Gautam Adani, Chairman, Adani Group, told the media that he has very little doubt that gas would continue to play a significantly important role in India's energy mix. The ability to distribute gas across the country is a significant advantage that the Adani Group and TotalEnergies will bring to the people.
ATGL implemented, during the quarter, a joint venture deal with 50% shareholding for installing a manufacturing plant for mechanical and smart gas meters under the Atmanirbhar Bharat initiative.
Additionally, ATGL also has inked a definitive agreement for exclusive collaboration for installing a bio-conversion plant in Barsana having India's largest cow shelter with around 60,000 cows in a single location, said Adani.
Image Source Also read: SC dismisses Adani Gas鈥� plea against awarding of CGD to Gujarat Gas
Next Story
Reliance, Diehl Advance Pact for Precision-Guided Munitions
Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..
Next Story
Modis Navnirman to Migrate to Main Board, Merge Subsidiary
Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..
Next Story
Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025
The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..
