Adani Total Gas Reports 18% Rise In Q3 Profit Boosted By CNG Sales

Adani Total Gas reported a nearly 18% rise in its third-quarter profit on Tuesday, boosted by strong sales of its compressed natural gas (CNG).

The company, which distributes piped gas to various Indian cities, said consolidated profit rose to 1.77 billion rupees (nearly $21 million) for the quarter ended Dec. 31 from 1.50 billion rupees a year earlier.

Adani Total Gas has been reporting consistently higher quarterly profits since March 2023.

The company, part of the Adani group conglomerate, said the volume of its CNG sales rose 24%, led by the addition of 98 new stations across the country.

City gas distributors had faced gas shortages due to higher spot liquefied natural gas prices (LNG) and lower domestic allocations. However, with spot prices easing this quarter, distributors passed on the price cuts to consumers, aiding volumes.

Asian spot LNG prices have normalised in 2023 from record high levels witnessed in 2022, but they are still relatively high.

Consolidated revenue from operations rose 5% year-on-year to 12.44 billion rupees.

The Adani group companies lost $150 billion in market value in the initial months following the short seller's report but have since pared losses to about $47 billion.

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