Why Adani Total Gas Shares Are Upbeat Today

Shares of Adani Total Gas were trading higher on Wednesday as the company posted its results for the quarter ended June.

What Happened: The Adani Group company’s profits for the quarter climbed 8.56% to ₹150.22 crore as compared to the ₹138.4 crore profit it booked in the same quarter last year. The company’s revenue from operations went up slightly to ₹1,056.1 crore from ₹1,042.1 in the June quarter of 2022.

The company said that the revenue remained flat despite the increase in volume due to a reduction in sales price as it passed through the reduction in domestic gas prices as per the revised pricing formula approved by the Government of India since April 8.

EBITDA for the quarter stood at ₹247.7 crore with a 23.46% margin. Basic earnings per share for the quarter stood at ₹5.1. The company said that it added seven new CNG Stations increasing the total number to 467. It has also commissioned 141 EV charging points have been at 40 locations.

Price Action: Adani Total Gas’s share price was up 0.80% to trade at ₹666.95 as the markets opened on Wednesday.

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Posted In: Adani GroupAdani Total Gas