Adani Gas' Q4 consolidated net profit up 91%

Last Updated: Tue, May 28, 2019 10:34 hrs
FILE PHOTO: Indian billionaire Adani speaks during an interview with Reuters at his office in Ahmedabad

New Delhi: City gas distribution (CGD) company Adani Gas Ltd's consolidated net profit for the January-March quarter of the financial year 2018-19 nearly doubled to Rs 75.75 crore, on a year-on-year basis.

It increased 91.05 per cent from Rs 39.65 crore of net profit reported during the corresponding period of the previous fiscal, a regulatory filing by the the company showed.

The total income of the company during the period under review was Rs 505.81 crore, against Rs 494.44 crore earned during the fourth quarter of FY 2017-18.

Suresh P. Manglani, CEO, Adani Gas, said: "AGL in the fourth quarter of FY19 has performed well, having secured additional 2GAs (geographical areas) in the 10th CGD round."

The company recently won additional geographical areas in the ninth and tenth rounds of CGD bidding. Adani Gas is now authorised for 19 GAs and the joint venture with Indian Oil is now authorized for 19 GAs for natural gas network development and distribution, the company said.

For the financial year 2018-19, it reported a 24.21 per cent rise in its consolidated net profit at Rs 228.70 crore, against Rs 161.97 crore recorded in FY 2017-18.

The total income of the company during FY 2018-19 was Rs 1,910.17 crore, 24.21 per cent higher than Rs 1,537.71 crore in the previous fiscal.