India’s Adani Total Gas reported a 72% surge in fourth-quarter profit on Tuesday, helped by strong demand in its compressed natural gas (CNG) segment. Consolidated profit rose to Rs 16.8 crore ($20.14 million) in the three months ended March 31 from Rs 97.91 crore a year earlier, marking a fifth straight rise in quarterly profit for the Adani group company.
The piped gas distributor’s CNG sales volume, which accounts for over half of its total sales volume, rose 23% during the quarter, buoyed by the addition of 170 new stations across the country during the financial year. However, a drop in gas prices during the quarter capped the firm’s revenue growth to 5.1% at Rs 125.8 crore.
