Adani Total Gas Q2 Results: As the government works to lower pollution and increase access to cleaner energy sources, demand for CNG is growing in India. By the end of the decade, it hopes to have 20,000 CNG stations operational.
Adani Total Gas Q2 Results: Due to rising sales of compressed natural gas (CNG) as a result of the government’s push for more gas-powered vehicles, Adani Total Gas announced a higher profit on Thursday for the seventh consecutive quarter.
For the three months ending September 30, the diverse Adani conglomerate reported a consolidated profit of Rs 187 crore ($22.24 million), representing a 7.5% increase.
As the government works to expand access to cleaner energy sources and lessen vehicle pollution, demand for CNG is growing in India. By the end of the decade, it hopes to have 20,000 CNG stations operational.
Over the last seven quarters, Adani Total Gas has profited greatly from this trend. Due in part to the opening of 18 additional stations across the country, CNG sales volumes, which account for 67% of total sales, increased by 20% in the most recent quarter. There are currently 577 CNG stations run by the firm.
Adani Total Gas obtained $375 million in its first round of funding last month to help grow its distribution network in 13 states. The company’s second-largest division, piped natural gas (PNG), had a 9% increase in sales volume to 157 million standard cubic meters of gas per day.
Total revenue from operations climbed to Rs 1,318 crore, up from Rs 1,179 crore the previous year.
“ATGL has reported healthy operational and financial performance during the quarter,” stated Suresh P. Manglani, CEO and ED of the company. Our company is delivering cleaner and greener energy solutions to all of our customers, which is in direct alignment with India’s energy transformation ambitions. Through our piped gas network, we are currently able to provide continuous piped natural gas to over 9 lakh customers. We have commissioned our first LNG station for the transportation segment and progressing towards covering key highway networks aiding India’s decarbonisation march.”
“We are closely monitoring the situation in light of the recent reduction in APM gas allocation, which serves home PNG and auto CNG consumers. Given our diversified gas sourcing portfolio, we will ensure a calibrated pricing approach to balance our consumers’ interests,” he added.