Adani Total Gas Gains Regulator Approval for Jalandhar Gas Network
- investinghourstrad
- Jun 26, 2024
- 1 min read
Adani Total Gas announced on Wednesday, June 26, that it has received approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate the city gas distribution network in Jalandhar.
Key Points:
Regulatory Approval: PNGRB's approval was a crucial condition in the business transfer agreement related to the acquisition of gas distribution and CNG retailing businesses in Jalandhar.
Expansion: With the inclusion of Jalandhar, Adani Total Gas now operates in 34 geographical areas, expanding its footprint in Punjab. Financial Highlights:
Q4 Results: On April 30, Adani Total Gas reported a 71.6% increase in net profit for the March quarter, reaching ₹168 crore, compared to ₹97.9 crore in the previous quarter.
Revenue Growth: The company's revenue from operations rose by 4.7% to ₹1,167 crore, up from ₹1,114.8 crore in the same period last year.
EBITDA Performance: EBITDA jumped 47.6% to ₹299.1 crore in Q4 FY24, compared to ₹195.2 crore in Q4 FY23. The EBITDA margin improved to 24.7%, up from 17.5% in the previous year. Stock Performance: As of June 26, 2024, Adani Total Gas shares were trading at ₹903.55 apiece, up 1.58%, at 1:20 PM. Source: CNBC, Hindu BusinessLine Author: Kaustav Mitra, MBA(Finance)
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