Home / Markets / Stock Markets /  Adani Gas shares dip nearly 4% after Q1 profit plunges

NEW DELHI : Adani Gas shares on Thursday fell nearly 4% after the company reported 42% drop in its net profit for the first quarter ended June 30 of fiscal year 2021.

In the morning trade, the stock of Adani Gas declined 3.81% to Rs152.50 on the BSE. On the NSE, it fell 3.75% to Rs152.55.

The Adani Group company’s profit plunged 42% at Rs46 crore in the April-June quarter as the sales volumes were hit because of the coronavirus lockdown.

“With continued lockdown of 69 days in Q1 FY21 the company witnessed volume impact of 53% as compared to Q1 FY20," the city gas utility company said in a statement on Wednesday.

Gas sales volumes fell to 64 million standard cubic meters (mmscm) in the first quarter of fiscal year 2020-21 from 137 mmscm in the same period a year ago.

Adani Gas’ revenue dropped 57% to Rs207 crore while its Ebitda (earnings before interest, tax, depreciation and amortisation) fell 41% at Rs86 crore.

The operational performance of its business continues to be recovering in a phased manner towards the pre-COVID level, the natural gas service provider said.

Total Adani Fuels Marketing Pvt Ltd,a joint venture by Adani Gas and France’s Total will soon seek approval from the government to open retail fuel stations in India.

By 12:33 pm on Thursday, shares of Adani Gas were trading at Rs154.15 , down 2.78%, on the BSE; and at Rs154.35, 2.62% lower, on the NSE.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout