Adani Gas declines 4% after Q1 net profit falls 42% YoY to Rs 46 crore

oil and gas
Adani Gas slipped nearly 4 per cent to Rs 152.5 on the BSE on Thursday, a day after the company reported a 49 per cent decline in its profit before tax (PBT) for the June quarter, at Rs 62.58 crore, against Rs 122.7 crore in the corresponding period of the previous fiscal.

Net profit for the company fell 42 per cent to Rs 46.33 crore and earnings before interest, tax, depreciation, and amortisation (EBITDA) slipped 41 per cent to Rs 86 crore. CLICK HERE TO READ FULL REPORT

At 09:34 AM, the stock was trading over 2 per cent lower at Rs 155.25 on the BSE against Wednesday's close of Rs 158.55. In comparison, the benchmark S&P BSE Sensex was trading 222 points or 0.59 per cent higher at 37,886. The stock had hit a high of Rs 194.55 on February 20, 2020, while its 52-week low level stands at Rs 76.70, hit on March 25.

"With continued lockdown of 69 days in Q1 FY21 the company witnessed volume impact of 53 per cent as compared to Q1 FY20," it said.

Gas sales volumes dropped to 64 million standard cubic meters in the first quarter of fiscal year beginning April 2020, from 137 million metric standard cubic meters (mmscm) in the same period a year back. CNG sales fell 66 per cent to 24 mmscm while the sale of piped natural gas to household kitchens was down 40 per cent at 40 mmscm.

Adani Gas said piped natural gas home connections increased to 4.38 lakh (979 new connections in Q1 FY21). Commercial and industrial connections increased to 4,448 during the period under review.

"We are watchful of the ongoing pandemic situation for COVID-19. As a responsible natural gas service provider, Adani Gas Ltd has ensured continuous supply of CNG and PNG, uninterrupted and prompt customer care service during these tough times," said Suresh Manglani, CEO, Adani Gas in a note.

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