India's Adani Total Gas posts 1Q profit rise on strong CNG demand
Adani Total Gas reported a jump in 1Q profit on Monday, helped by strong demand for the cleaner-burning compressed natural gas (CNG), sending its shares 2% higher.
The Adani group company's consolidated profit rose 15% to 1.72 billion rupees (around $21 MM) in the three months ended June 30, marking its sixth straight rise in quarterly profit.
The gas distributor's CNG sales volumes, which account for over half of its total sales, jumped 20% during the quarter with the addition of 24 new stations across the country.
Demand for CNG, used mainly in the transport sector, comes amid a government push to rein in vehicular pollution. India's fuel consumption in the quarter was also driven by strong industrial activity in the run-up to the general elections.
Revenue from operations rose to 12.39 billion rupees from 11.35 billion rupees a year ago. Sales volume in the company's piped natural gas (PNG) segment, its second-biggest, rose 11% to 77 MMft3d.
The rise in profit comes even as Indian city gas distributors bought spot LNG - the key raw material for CNG - at higher import prices amid a decline in domestic output.
($1 = 83.7010 Indian rupees)
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