Adani Total Gas Q1 Results: Profit falls 14% YoY to Rs 142 crore, revenue jumps 27%

Adani Total Gas reported 14% year-on-year (YoY) decline in its consolidated net profit at Rs 142 crore in the first quarter. The same stood at Rs 165 crore in the same quarter of last year. Revenue from operations rose 27% YoY to Rs 1,907 crore.

Sequentially, profit fell from Rs 168 crore in the March quarter. On a quarter-on-quarter basis, revenue increased 13% from Rs 1,695 crore posted in the preceding March quarter.

Total income stood at Rs 1,920 crore, against Rs 1,506 crore a year earlier and Rs 1,707 crore in the previous quarter. The fall in profit came as expenses rose faster than revenue. Total expenses increased to Rs 1,742 crore from Rs 1,288 crore in the year-ago quarter. Sequentially, expenses rose from Rs 1,492 crore.

Gas cost weighs on margins

The biggest expense for Adani Total Gas remained the cost of natural gas and traded items. This cost rose to Rs 1,302 crore in Q1 from Rs 928 crore in the same quarter last year. It was also higher than Rs 1,064 crore in the March quarter.

Excise duty increased to Rs 153 crore from Rs 120 crore a year earlier. Finance costs also rose to Rs 39 crore from Rs 28 crore, while depreciation and amortisation expense increased to Rs 67 crore from Rs 56 crore.

Other expenses stood at Rs 166 crore, compared with Rs 140 crore in the year-ago quarter. Employee benefit expenses were slightly lower at Rs 13 crore, compared with Rs 13 crore last year and Rs 17 crore in the March quarter.

Profit before share of profit from joint ventures and tax stood at Rs 177 crore, down from Rs 218 crore a year earlier. The company's share of profit from joint ventures increased to Rs 9.57 crore from Rs 4.21 crore. Profit before tax came in at Rs 187 crore, compared with Rs 222 crore in the year-ago period and Rs 227 crore in the previous quarter.

Total tax expense for the quarter stood at Rs 45 crore, lower than Rs 57 crore a year earlier. Total comprehensive income stood at Rs 141 crore, compared with Rs 163 crore in the same quarter last year. Other comprehensive income showed a loss of Rs 0.58 crore, compared with a loss of Rs 2.07 crore a year earlier.