India's Adani Total Gas posts Q3 profit rise on higher CNG sales
(Reuters) - India's Adani Total Gas reported a nearly 18% rise in its third-quarter profit on Tuesday, boosted by strong sales of its CNG.
The company, which distributes piped gas to various Indian cities, said consolidated profit rose to 1.77 billion rupees (nearly $21 million) for the quarter ended Dec. 31 from 1.50 billion rupees a year earlier.
Adani Total Gas has been reporting consistently higher quarterly profits since the March quarter of 2023.
The company, part of the Adani group conglomerate, said the volume of its CNG sales rose 24%, led by the addition of 98 new stations across the country.
City gas distributors had faced gas shortages due to higher spot liquefied natural gas prices (LNG) and lower domestic allocations. However, with spot prices easing this quarter, distributors passed on the price cuts to consumers, aiding volumes.
Asian spot LNG prices have normalized in 2023 from record high levels witnessed in 2022, but they are still relatively high.
Consolidated revenue from operations rose 5% year-on-year to 12.44 billion rupees.
The results come as shares of Adani Group companies have inched back to levels seen prior to a U.S. short-seller report last year that alleged improper use of tax havens and stock manipulation. Adani Group has denied all allegations.
The Adani group companies lost $150 billion in market value in the initial months following the report but have since pared losses to about $47 billion.
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