Adani Total Gas announced on Wednesday, June 26, that the Petroleum and Natural Gas Regulatory Board (PNGRB) has given approval to the business for operating city gas distribution network in Jalandhar.
The company stated that the PNGRB’s clearance was a necessary condition antecedent in the company’s business transfer agreement for the purchase of certain business undertakings relevant to cut gas distribution and CNG retailing in the Jalandhar geographical area.
The company now has 34 geographical areas, including Jalandhar, which allows it to have a presence in Punjab, the company stated.
Adani Total Gas Ltd recorded a 71.6% increase in net profit to ₹168 Crore in the March quarter compared to the previous year.
In the previous quarter, the company’s net profit was ₹97.9 Crore. Revenue from operations increased by 4.7% to ₹1,167 Crore from ₹1,114.8 Crore in the same period last year.
In the fourth quarter of this fiscal, EBITDA increased by 47.6% to ₹299.1 Crore, up from ₹195.2 Crore in Q4 of FY23. In the reported quarter, the EBITDA margin was 24.7%, up from 17.5% the previous year.
The company is involved in the sale and distribution of natural gas. The company is developing city gas distribution networks to offer piped natural gas to industrial, commercial and residential users, as well as compressed natural gas to the transportation industry.
At around 1.37 PM, Adani Total Gas was trading 1.26% higher at ₹900.70, against the previous close of ₹889.50 on NSE. The counter touched an intraday high and low of ₹910.50, and ₹896.35, respectively.
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