Adani Gas net profit drops 42% to Rs 46 crore in Q1

Adani Gas on Wednesday reported a 41.6% year-on-year (Y-o-Y) drop in net profit to Rs 46.3 crore for the April-June quarter of FY21, as natural gas demand dropped significantly in the period of Covid-19-induced lockdown. The sales volume for the June quarter fell 53% YoY to 64 million metric standard cubic meters per day (mmscmd) as piped natural gas (PNG) demand fell 40% and compressed natural gas (CNG) supply dropped 66%.

Earnings before interest, taxes, depreciation, and amortisation (ebitda) for the June quarter fell 41.1% YoY to Rs 86 crore, while ebitda margins were up 1,100 basis points to 41.5% on better realisations. Total expenses in the third quarter fell 58.5% YoY to Rs 152.4 crore as it spent only Rs 75.3 crore to buy natural gas — 72.5% lesser than a year ago.