Jan 22 (Reuters) - India's Adani Total Gas on Thursday reported its first quarterly profit increase in five quarters, as higher compressed natural gas (CNG) sales helped offset elevated gas procurement costs.
The company, a joint venture of Adani Group and French oil major TotalEnergies SE, said its consolidated net profit rose about 11.4% to 1.59 billion rupees ($17.4 million) in the three months ended December 31.
On a standalone basis, CNG volumes, which account for more than half of total sales, grew 17% in the latest quarter, driven by network expansion, the company said. It added 18 new CNG stations, taking the total to 680.
In the piped natural gas (PNG) segment, sales volume grew 3% to 89 million standard cubic meters, the company said.
Revenue from operations rose 17% to 16.39 billion rupees, while total expenses rose 18.1% to 14.37 billion rupees, as natural gas costs rose about 18%.
In April 2025, the Indian government cut back supplies of subsidised natural gas to city gas distributors, including Adani Total Gas, after domestic output declined.
India's natural gas production dropped for the 18th straight month, falling 4.4% year-on-year in December.
Adani Total Gas shares closed 3.8% higher before the results were announced.
($1 = 91.5930 Indian rupees)
Reporting by Anuran Sadhu in Bengaluru; Editing by Tasim Zahid
Source: Reuters