Why This Adani Stock Is Upbeat Even As Profits Dipped 8% In Q2

Adani Total Gas’ share price was trading in the green on Wednesday morning to continue its four-straight session-gaining streak.

What Happened: The Adani Group company posted its earnings for the quarter ended September in the after-market hours on Tuesday. The company recorded a consolidated net profit of ₹172.68 crore, marking an 8% increase compared to the ₹160.02 crore reported in the same period of the previous year. Sequentially, the net profit was up by 15% from the ₹150 crore reported in the preceding June 2023 quarter.

The company’s revenue from operations in the July-September period amounted to ₹1,178.77 crore, showing a marginal 0.92% decrease from the ₹1,190.37 crore posted in the corresponding period of the previous year. However, compared to the previous quarter, there was a 3.8% increase, with revenue from operations at ₹1,135 crore in the April-June period.

See Also: Mark Mobius Says He’s Betting On These 4 Indian Stocks For Gains

EBITDA for the period came in at ₹289 crore, reflecting a 22% increase from ₹236 crore booked in the year-ago period. EBITDA margin was at 24.5%. Earnings per share for the quarter was at ₹1.57.

In the current financial year, the company has added 23 new CNG gas stations, bringing the total to 483. The total count of PNG (Piped Natural Gas) home connections increased to 7.56 lakh, with 51,801 new additions during the six-month period. The total number of industrial and commercial PNG connections also increased to 7,849, with 414 new connections during the first half of this fiscal year.

Price Action: Adani Total Gas’s share price was up % to trade at ₹ at market open on Wednesday.

Read Next: Revenue Growth Hit By Sluggish Demand, Hope For Revival After 2 Quarters: LatentView Analytics’ CFO

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EarningsEquitiesNewsMarketsMoversTrading IdeasAdani GroupAdani Total Gas