New Delhi, May 27 : Adani Gas Ltd May 27 reported a near doubling of its net profit in the March quarter on the back of higher sales. Its consolidated net profit in January-March at Rs 75.68 crore was 91 per cent higher than Rs 39.65 crore in the corresponding period of the previous year, the company said in a statement here.
The billionaire Gautam Adani-led firm’s turnover increased 24 per cent to Rs 494 crore.
The company said it sold 14 per cent more CNG to automobiles and five per cent more piped cooking gas to household kitchens in the fourth quarter of 2018-19.
Billionaire Gautam Adani’s Group had in November last year separated city gas business and listed it on stock exchanges.
This, it said, was done in a bid to become the largest city gas distribution (CGD) company in India and unlock its value for the existing shareholders.
As part of the listing process, Adani Gas Ltd (AGL) has allotted equity shares to existing shareholders of Adani Enterprises Ltd in the ratio of 1:1.
Adani Gas won licence to retail CNG to automobiles and piped cooking gas to households in 15 geographical areas (GAs) in the country during the 9th and 10th city gas distribution (CGD) bid rounds last year.
It along with its partner Indian Oil Corporation (IOC) has licence to develop CGD networks in 38 GAs.
“Adani Group’s progression in the sectors critical to nation-building which in consonance to the various initiatives undertaken by the Government of India is now visible and apparent to our stakeholders across the country,” said Adani, chairman, Adani Group.
In the coming years, Adani Gas Ltd will aggressively focus on national energy imperatives. “As one of the biggest and most dense city gas distribution networks in the country, AGL is poised to be part of a million growth and success stories from all over India,” he said.
Adani Gas holds CGD licence for 19 GAs on its own and has an equal number of licences in a joint venture with IOC.
Of these, AGL has currently operational CGD networks in Ahmedabad and Baroda in Gujarat, Faridabad and Palwal in Haryana and Khurja in Uttar Pradesh, said Adani Gas Ltd CEO Suresh P Manglani.
Its joint venture with IOC is currently running CGD networks at Prayagraj, Chandigarh, Panipat, Udham Singh Nagar, Daman, Dharwad, Ernakulam and Bulandshahr.
“With our growing footprint across the country, AGL is aiming to extend value to many and is taking yet another step towards India’s dream of embracing a better energy mix. We endeavour to utilise our decade-long CGD experience and expertise to be the largest CGD company in India,” he added.
For full 2018-19 fiscal, the firm reported a 41 per cent rise in net profit to Rs 228.70 crore while revenue was up 25 per cent to Rs 1,823.49 crore.
