Adani Gas declined 2.37% to Rs 154.80 after consolidated net profit tanked 41.6% to Rs 46.33 crore on 56.2% drop in net sales to Rs 197.15 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) skid 49% to Rs 62.58 crore in Q1 June 2020 as against Rs 122.70 crore in Q1 June 2019. Current tax expense for the quarter tumbled 67.5% at Rs 12.53 crore as against Rs 38.52 crore paid in Q1 June 2019. The Q1 earnings were announced post market hours yesterday, 5 August 2020.
On a standalone basis, Adani gas' net profit fell 41.55% to Rs 46.33 crore on 56.24% decline in net sales to Rs 197.15 crore in Q1 June 2020 over Q1 June 2019. EBITDA tanked 41% to Rs 86 crore in Q1 FY21 as against Rs 146 crore in Q1 FY20. Sales volume for the quarter dropped 53% to 64 million metric standard cubic meters (MMSCM) from 137 MMSCM in Q1 June 2019. CNG sales tumbled 66% to 24 MMSCM in Q1 June 2020 over 71 MMSCM in Q1 June 2019. PNG sales skid 40% to 40 MMSCM in Q1 FY21 as compared to 67 MMSCM in Q1 FY20.
Volume in June 2020 stood at 0.71 million metric standard cubic meters per day (MMSCMD) as compared to volume in April 2020 at 0.35 MMSCMD showing significant volume recovery trend. PNG home connection increased to 4.38 lakh (979 new connections during the quarter) while Commercial & Industrial connection now stands increased to 4,448.
With continued lockdown of 69 days in Q1 FY21, Adani Gas witnessed volume impact of 53% as compared to Q1 FY20. There was a progressive rebound in volumes as compared to pre- COVID situation and exit volume as on 30 June 2020 had already reached at 1.25 MMSCMD as compared to 1.60 MMSCMD for the month of March 2020. The operational performance of the business continues to be recovering in phased manner towards pre-COVID level. During the period of lockdown, the company had maintained un-interrupted supply of Natural Gas - 24X7 for PNG and CNG consumers.
The company's operational efficiency, enhanced focus on supply chain management, contract negotiations, third party spend, and fuel efficiencies have helped in partially addressing the impact of lower volumes and improving EBITDA margin in Q1 FY20.
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Commenting on the quarterly result, Gautam Adani, chairman of Adani Group, said, "Adani Gas Limited has delivered a good performance even amidst the global pandemic. Commitment to sustainability is the cornerstone of the growth which AGL is set to chart. Our strategy is designed to deliver growth with goodness while contributing to the larger objective of nation building. In line with the Government's policy we are committed to contribute to the nation's vision of providing a safer, cleaner and greener energy. As India's economy slowly revitalizes, Adani Gas will put its best to overcome challenges posed by the global pandemic as a nation."
Adani Gas provides utility services. The company produces and distributes natural gas to commercial, residential, and transports sectors.
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