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Revenue from operations also dropped 57% to  ₹207 crore against  ₹479 crore in the corresponding period last fiscal
Revenue from operations also dropped 57% to 207 crore against 479 crore in the corresponding period last fiscal

Adani Gas posts 42% decline in net profit

Net profit came in at 46 crore during the quarter, against 79 crore a year back

City gas distributor Adani Gas Ltd has posted a 42% drop in its net profit for the quarter ended April-June 2021.

Net profit came in at 46 crore during the quarter, against 79 crore a year back.

Revenue from operations also dropped 57% to 207 crore against 479 crore in the corresponding period last fiscal. Ebitda (earnings before interest, tax, depreciation and amortisation) was down 41% at 86 crore.

"With continued lockdown of 69 days in Q1 FY21 the company witnessed volume impact of 53% as compared to Q1 FY20," said Adani Gas in a press statement.

Total sales volume however, declined 53% year on year to come in at 64 million metric standard cubic metres (mmscm) against 137 mmscm.

However, the company has seen a progressive rebound in volumes as compared to pre-covid situation and exit volume as on 30th June 2020 had already reached at 1.25 mmscmd as compared to 1.60 mmscmd for the month of Mar’20.

Suresh Manglani, CEO of Adani Gas said, “We are watchful of the ongoing pandemic situation for Covid-19. Adani Gas Limited has delivered a sustainable performance in Q1 FY21 despite the impact on PNG industrial and commercial and CNG segments."

Manglani added that the company has resumed project and operational activities in phased manner which were ceased in March’20 on account of lockdown, to meet its commitments towards development of city gas distribution in the new geographical areas.

The company said piped natural gas home connections increased to 4.38 lakh (979 new connections in Q1 FY21). Commercial and industrial connections increased to 4,448.

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