India’s Adani Total Gas Ltd reported a 20.7% rise in quarterly profit on Tuesday, propelled by price hikes and expansion of its compressed natural gas (CNG) stations.
Adani Total’s consolidated net profit rose to 979.1 million rupees ($11.95 million) for the three months ended March 31, from 810.9 million rupees a year earlier, said the company, which distributes piped gas in various Indian cities.
City gas distributors, who faced gas shortages due to higher spot liquefied gas prices and lower domestic allocations, have passed on price hikes to customers. The profit margins have increased with spot LNG prices easing.
