NEW DELHI: Adani Whole Gasoline Ltd on Thursday reported a flat internet revenue for the June quarter as increased fuel costs ate into elevated CNG and piped cooking fuel gross sales volumes.
Internet revenue of Rs 138 crore in April-June was unchanged from the year-ago interval, the corporate mentioned in an announcement.
The agency, which is a metropolis fuel three way partnership of Adani group and TotalEnergies of France, noticed CNG gross sales to vehicles rise 61 % to 109 million commonplace cubic meters (mcm) within the quarter and piped cooking fuel offered to households rise 3 % to 74 mmm.
However this was negated by the price of procuring pure fuel, which is transformed into CNG on the market to vehicles and piped to family kitchens for cooking functions, tripling to Rs 785 crore within the first quarter of the present fiscal yr from Rs 245 crore a yr in the past.
Income from operations greater than doubled to Rs 1,110 crore whereas EBITDA rose 6 % to Rs 228 crore.
The corporate mentioned there was a major improve within the worth of home fuel out there for metropolis fuel operations in addition to that of imported LNG within the quarter.
Additionally, the decrease allocation of domestically produced fuel in the course of the quarter led to purchasing extra imported gas, impacting the fuel value in addition to the gross margins.
”ATGL has calibrated its retail worth revisions to stability the curiosity of its shoppers and its shareholders from the influence of sudden spurt within the fuel buy worth,” the assertion mentioned.
With stagnant home fuel output, metropolis fuel operators get a pooled provide of native and imported gas.
”It has been a difficult situation for the town fuel distribution (CGD) trade with considerably excessive enter fuel costs primarily on account of geopolitical elements in addition to provide shortages throughout the globe, that are more likely to proceed within the close to future,” mentioned Suresh P Manglani, CEO of Adani Whole Gasoline Ltd (ATGL).
He mentioned the variety of piped cooking fuel clients of ATGL has crossed 6 lakh and the agency added one other 15 CNG stations taking the whole to 349 CNG stations throughout the cities the place it operates.
”On the monetary entrance, with 31 % development in volumes, ATGL was in a position to maintain its profitability quantity by optimizing its opex. ATGL has been focussing on creating the infrastructure in order that it may be future able to serve its giant client base and contribute in direction of the nation’s journey to a gas-based economic system,” he mentioned.