Adani Gas did well in Q2FY21. Its standalone revenue from operations fell 12% (YoY). Its combined volume of CNG and PNG was at 131 MMSCM vs 146 MMCM (YoY). The company said that its volumes in Q2 were almost at 90% as compared to Q2 FY20.
Average Volume in Sep’20 was at 1.59 MMSCMD v/s 0.71 Q1 FY21 MMSCMD, showing significant volume recovery trend.
EBITDA has increased by 48% to Rs.218 crore and net profit for the quarter was up 13% at Rs. 136 crore.
The company said in the analyst Concall that demand for for PNG and CNG rose after the gradual unlocking measures and it has achieved 100% recovery in industrial sales volumes.
The company is changing its name to Adani Total Gas Ltd after induction of Total Holdings SAS as joint promoter of the company. Total and Adani are equal equity partners with each controlling 37.4%, remaining 25.2% is public holding.
The stock price rose and now is in the red. It rose 4.5% to Rs.232.85 but from there, it fell and is now at its intraday low at Rs.217, down over 2.5%.