G20 podium
Manooj Jain
MUMBAI: Adani Total Gas reported a nearly 9% rise in first-quarter profit on August 2, helped by higher sales of compressed natural gas (CNG).
The company, which distributes piped gas to various Indian cities, said consolidated profit rose to 1.50 billion rupees ($18.2 million) for the quarter ended June 30 from 1.38 billion rupees a year earlier.
Adani Total, part of the Adani group conglomerate, said its CNG volume increased 18% from last year led by an addition of 11 new stations.
City gas distributors, who faced gas shortages due to higher spot liquefied gas prices and lower domestic allocations, had passed on price hikes to customers. However, prices came down as the government intervened and spot LNG prices eased.
