India's Adani Total Gas posts bigger Q2 profit on steady CNG demand

Adani Total Gas

24/10/2024 11:01

Oct 24 (Reuters) - India's Adani Total Gas  ADAG.NS 
posted a bigger profit for the seventh straight quarter on
Thursday, aided by higher sales of its compressed natural gas
(CNG) amid the government's push for wider use of gas-based
vehicles.
    The company, part of the ports-to-power Adani conglomerate,
said its consolidated profit grew 7.5% to 1.87 billion rupees
($22.24 million) in the three months ended Sept. 30.
    The demand for CNG in India is climbing as the government
seeks to cut vehicular pollution and make cleaner-burning energy
more accessible. It is targeting setting up of 20,000 CNG
stations by the end of the decade.
    That has helped Adani Total Gas in the past seven quarters.
    Its CNG sales volumes, which account for 67% of total sales,
jumped 20% in the latest quarter, boosted by the addition of 18
new stations across the country. It has 577 CNG stations now.
    Last month, the company secured its maiden financing, worth
$375 million, to help expand its distribution network across 13
states.
    Sales volume in its piped natural gas (PNG) segment, its
second-biggest, rose 9% to 157 million standard cubic meters of
gas per day.
    Its total revenue from operations increased to 13.18 billion
rupees from 11.79 billion rupees a year ago.
 
 ($1 = 84.0700 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; Editing by Savio
D'Souza)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))