Adani Total Gas Q2 profit edges higher, helped by higher sales prices
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
India's Adani Total Gas reported a marginal rise in second-quarter profit on Thursday, as the city gas distributor raised prices, but higher input costs dented its margins.
The company's consolidated profit rose 1.3% to 1.60 billion Indian rupees ($19.30 million) in the July-September quarter, from 1.58 billion rupees a year ago.
"The city gas distribution industry continues to face a challenging scenario with significantly higher input gas prices, mainly due to geopolitical factors as well as supply shortages across the globe," Chief Executive Suresh Manglani said in a statement.
Global gas prices have jumped this year due to supply disruptions and sanctions linked to Russia's invasion of Ukraine.
Revenue from operations rose 73.2% to 11.9 billion rupees at the company, a joint venture between France's energy major Total and Adani Group, controlled by Asia's richest person Gautam Adani.
Adani Total Gas said revenue rose due to increased volumes and higher prices, as it passed on some of the rise in input costs to customers.
The company's compressed natural gas sales volumes rose 25%, while piped natural gas volumes fell 8% suppliers curtailed distribution to city gas companies.
