Mumbai: Adani Gas, the city gas distribution arm of Adani Group has posted an increase of 76% in its net profit for the quarter ended 31 March, 2019. Net profit came in at ₹75.68 crore against ₹42.82 crore during the corresponding previous quarter.
Revenue increased 24% to ₹494 crore as against ₹395 crore in Q4 FY18. Operating earnings before interest tax depreciation and amortization (EBITDA) for the quarter was up 52% to ₹140 crore against ₹92 crore in the corresponding previous quarter.
"Our CNG volume has grown by 12% to 276 million metric standard cubic metres (mmscm) against 248 mmscm in the comparative period. Our volume of PNG distribution has also increased by 14% to 264 mmscm vs 231 mmscm in the comparative period," the company said in a press statement.
The stock was trading at ₹142.90, up 4.92% on the BSE.
Equity shares of the company were listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange Limited on 5 November 2018. Figures for the quarter ended 31 March 2019 and 31 March 2018 represent the difference between the audited figures in respect of the full financial year, the company added.
The company board has recommended enabling resolutions for seeking approval of the shareholders to raise up to ₹3,000 crore by issue of equity shares or convertible securities, approval for which will be sought at the ensuing Annual General Meeting (AGM), the company said.
"In the coming years, Adani Gas Ltd will aggressively focus on fulfilling our national energy imperatives and will succeed in transforming India into a gas-based economy, consequently creating substantial value for our shareholders. As one of the biggest and most dense city gas distribution networks in the country, AGL is poised for to be part of a million growth stories and success stories from all over India," said Gautam Adani, Chairman Adani Group.
The company recently won additional geographical areas in the ninth and tenth rounds of CGD bidding. With these wins, AGL is now authorized for 19 GAs and our joint venture with Indian Oil is now authorized for 19 GAs for natural gas network development and distribution, making us one of the leading CGD players in the country.
Adani Gas is currently operating CGD network in five locations--- Ahmedabad, Baroda, Faridabad, Khurja and Palwal. Its joint venture with IOCL is currently running CGD networks at Prayagraj, Chandigarh, Panipat, Udham Singh Nagar, Daman, Dharwad, Ernakulam, and Bulandshahr.