Bhadrak (Odisha): Adani Gas Ltd. announced its financial results for the first quarter ended 30th June 2020. With continued lockdown of 69 days in Q1 FY21 the Company witnessed volume impact of 53 % as compared to Q1 FY20. Company’s Q1 FY21 sales volume is 64MMSCM, which was 137 MMSCM in Q1 FY20. Company’s EBITDA is 86 crore. Revenue from Operations stood at INR 207 Cr. There was a progressive rebound in volumes as compared to pre-covid situation and exit volume as on 30th June 2020 had already reached at 1.25 mmscmd as compared to 1.60 mmscmd for the month of Mar ’20. The operational performance of the business continues to be recovering in a phased manner towards Pre COVID level. During the period of lockdown, the Company had maintained uninterrupted supply of Natural Gas – 24X7 for PNG and CNG consumers.
The Company’s operational efficiency, enhanced focus on supply chain management, contract negotiations, third party spend, and fuel efficiencies have helped in partially addressing the impact of lower volumes and improving EBITDA margin in Q1 FY20.
Commenting on the quarter result of the Company, Adani Group chairman Gautam Adani said, “Adani Gas Limited has delivered a good performance even amidst the global pandemic. Commitment to sustainability is the cornerstone of the growth which AGL is set to chart. In line with the Government’s policy we are committed to contribute to the nation’s vision of providing a safer, cleaner and greener energy. As India’s economy slowly revitalizes, Adani Gas will put its best to overcome challenges.
Adani Gas CEO Suresh Manglani said, “As a responsible natural gas service provider, Adani Gas Limited has ensured continuous supply of CNG and PNG, uninterrupted and prompt customer care service during these tough times. The company is continuously and closely monitoring the developments and is actively working to moderate the impact of this unprecedented situation.