Adani Gas Q4 profit up 61% at Rs 122 cr; pandemic impacts current demand for CNG, PNG from industrial segment
Adani Gas said it will ensure that during this period of crisis, the supply of PNG and CNG is maintained without any interruption.
Ahmedabad: Power utility major Adani Gas on Friday reported 61 percent hike in its profit after tax of Rs 122 crore in the January to March quarter compared to Rs 76 crore in the year-ago period.
The revenue declined by 1 percent to Rs 490 crore in Q4 FY20 from Rs 494 crore in Q4 FY19. However, operating earnings before interest, tax, depreciation and amortisation (EBITDA) moved up by 20 percent to Rs 168 crore from Rs 140 crore in the same period.
The company said that COVID-19 pandemic and consequential nationwide lockdown impacted the current ongoing demand of CNG and PNG by industrial and commercial segments.
City gas distribution falls under essential services.
Adani Gas said it will ensure that during this period of crisis, the supply of PNG and CNG is maintained without any interruption together with 24 x 7 provision of operation and emergency services and enhanced digital services to our consumers.
"It is this commitment to safety, sustainability and core values of nation-building which will be instrumental in overcoming the crisis and we are confident of India's ability to revive its economic growth engine and power up through hard work for the next phase of prosperity for its vast population," said Chairman Gautam Adani.
The company's four existing operational geographical areas are at Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh.
The anti-zero COVID protests in several Chinese cities, including Shanghai and Beijing, have called for Xi Jinping to step down. As international concerns mount, Foreign Ministry spokesman Zhao Lijian said that China has been adjusting its strategy based on the changing circumstances
For 2023, it has pegged the GDP growth at 5.9 per cent compared to projected expansion of 6.9 per cent in 2022. Growth is expected to be a tale of two halves, with a slower first half in 2023 as the reopening boost fades and monetary tightening weighs on domestic demand
As part of the government crackdown, students of several universities have been sent home. The search for people involved in the demonstrations has been intensified, while a large number of policemen have been deployed in major cities including the capital Beijing and major economic hub Shanghai