India's Adani Total Gas reports drop in profit in Jan-Mar
Indian gas utility Adani Total Gas (ATGL), a joint venture between TotalEnergies and Adani Group, on May 4 reported a 46% year/year drop in net profit in the three months to March 31 (Q4FY2022) owing to high gas prices. For the full year FY2022, net profit was up 7%, however.
The company booked a net profit of 760mn rupees ($10mn) in Q4 compared with 1.45bn rupees in the year-ago period. Profit for the full year FY2022 was 5.05bn versus 4.72bn in the previous year.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
ATGL CEO Suresh Manglani said in spite of challenging global circumstances with gas prices at an all-time high, and local constraints on the supply of regasified LNG, the company has “once again delivered a resilient performance”. He said that the company has commissioned 117 new CNG stations taking the total to 334.
ATGL sold 89mn m3 of gas during Q4, down from 91mn m3 in the same quarter of the previous year. In FY2022, the company sold 337mn m3 of gas, up 17% yr/yr.