India's Adani Total Gas posts quarterly profit fall on higher gas costs

Adani Total Gas

21/07/2026 12:17

    July 21 (Reuters) - India's Adani Total Gas ADAG.NS reported a lower first-quarter profit on Tuesday, hurt by higher gas purchase costs after the government cut cheaper supply and availability tightened due to Middle East conflict. 
Here are some of the details:
The company, a joint venture between Adani Group and French oil major TotalEnergies SE TTEF.PA, said its consolidated net profit fell about 14.2% to 1.42 billion rupees ($14.76 million) in the three months ended June 30. 
In April last year, the Indian government reduced the allocation of low-cost natural gas to city gas distributors such as Adani Total Gas, citing lower domestic gas production.
India's natural gas production shrank 4.2% year-on-year in April 2026, and a further 4.9% and 7.4% in May and June, respectively. 
To maintain uninterrupted supply, Adani Total Gas had to make up for the shortfall by importing more expensive natural gas.
Additionally, the conflict in the Middle East, which began late February and hit energy supplies, further drove natural gas prices higher.
The company's natgas costs rose 40.3%, driving a 35.2% rise in its total expenses to 17.42 billion rupees. 
Total revenue from operations rose 27.3% to 19.07 billion rupees.
Shares closed 1.8% lower after the results. 

($1 = 96.2250 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru; Editing by Eileen Soreng)
 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))