Adani Total Gas posts record profit, in 3-year deal to import LNG

Adani Total Gas Limited, the city gas distribution joint venture between India’s Adani Gas and French energy giant Total, has reached a three-year deal to import liquefied natural gas (LNG) from Total.

The gas will be procured by Adani Total for sale in India to the company’s domestic and industrial customers, Adani Total chief executive Suresh Manglani said on Wednesday.

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Manglani was addressing reporters after the company posted a record net profit in the December quarter thanks to cost optimization for both input gas as well as operating expenses.

Consolidated net profit jumped 27% from the year earlier to ₹145 crore in the three months ended 31 December. Revenue grew 1% to ₹522 crore during the period.

Manglani said the firm sources 48% of its gas from domestic fields and the rest is imported.

The company sold 153 million metric standard cubic metres (mmscm) of compressed natural gas (CNG) and piped natural gas (PNG) in Q3, compared to 154 mmscm a year earlier.

Average volume during the December quarter increased to 1.67 million metric standard cubic metres per day (mmscmd) from an average volume of 1.43 mmscmd in Q2, a 17% increase sequentially.

Adani Total’s network of CNG stations expanded to 151, with 17 new CNG stations commissioned in Q3. PNG home connections also increased to 457,000 with 10,346 new connections added during Q3.