India's Adani Total Gas posts Q4 profit jump on higher CNG sales
BENGALURU, April 30 (Reuters) - India's Adani Total Gas reported a 72% surge in fourth-quarter profit on Tuesday, helped by strong demand in its compressed natural gas (CNG) segment.
Consolidated profit rose to 1.68 billion rupees ($20.14 million) in the three months ended March 31 from 979.1 million rupees a year earlier, marking a fifth straight rise in quarterly profit for the Adani group company.
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The piped gas distributor's CNG sales volume, which accounts for over half of its total sales volume, rose 23% during the quarter, buoyed by the addition of 170 new stations across the country during the financial year.
However, a drop in gas prices during the quarter capped the firm's revenue growth to 5.1% at 12.58 billion rupees.
Its revenue had risen by more than 12% during the same period last year, driven by higher volumes and an increase in sales price.
The company is also looking at building new business opportunities in areas of compressed biogas, EV charging infrastructure and LNG for trucking and mining, CEO Suresh P Manglani said in a statement.
Shares of Adani Total Gas closed 1.1% higher ahead of results.
Other Adani group companies like Adani Energy Solutions, Adani Power, Adani Ports, Adani Enterprises are set to report results this week.
($1 = 83.4214 Indian rupees)
(Reporting by Manvi Pant and Ashna Teresa Britto in Bengaluru; Editing by Sohini Goswami)