Adani Gas rose 3.55% to Rs 107.85 after standalone net profit surged 61% to Rs 122 crore on 1% fall in revenue from operations to Rs 490 crore in Q4 March 2020 over Q4 March 2019.
Profit before tax (PBT) (after exceptional item) stood at Rs 156 crore in Q4 March 2020, up by 30% from Rs 120 crore in Q4 March 2019.
During the quarter, total sales volume of the company rose 3% on a year-on-year (YoY) basis to 145 million metric standard cubic meters (MMSCM). CNG sales volume were at 71 MMSCM (down 2% YoY) and PNG sales volume were at 75 MMSCM (up 8% YoY) during the said period.
The company's net profit surged 91% to Rs 436 crore on a 9% rise in revenue from operations to Rs 1991 crore in the year ended March 2020 as against the year ended March 2019. PBT stood at Rs 547 crore in FY20, up by 42% from Rs 384 crore in FY19.
"The recent unfortunate COVID-19 event and the consequential nationwide lockdown in India has impacted the current ongoing demand of CNG and PNG by industrial and commercial segments. City gas distribution falls under essential services and Adani Gas will ensure that during this period of crisis, supply of PNG and CNG is maintained without any interruption together with 24X7 provision of operation and emergency services and enhanced digital services to our consumers," the company said in a statement.
Currently, with over 95% of volume coming from the operational geographical areas (GAs) makes the business quite resilient. The company expects to continue to generate healthy cash flows from operations going forward.
On the NSE, the counter clocked a volume of 1.07 crore shares as against its average trading volume of 28.41 lakh shares in the past one quarter.
Adani Gas provides utility services. The company produces and distributes natural gas to commercial, residential, and transports sectors.
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