Profit before tax was at Rs 182.41 crore in Q2 September 2020, up by 46% from Rs 124.98 crore in Q2 September 2019. Current tax expense during the quarter increased by 163.5% to Rs 42.63 crore from Rs 16.18 crore in the same period last year. EBITDA has increased by 48% YoY to Rs 218 crore versus Q2 FY20 EBITDA of Rs 147 crore.

Total sales volume declined 10% year-on-year (YoY) to 131 million standard cubic meters (mmscm) during the quarter. CNG sales volume stood at 59 mmscm (down 21% YoY) and PNG sales were at 72 mmscm (up 2% YoY) in the second quarter.

The company said that it maintained uninterrupted gas supply during the quarter with adoption to the rapidly changing environment. Average Volume in September 2020 was at 1.59 million metric standard cubic meter per day (MMSCMD) as compared to average volume in Q1 FY21 at 0.71 MMSCMD showing significant volume recovery trend.

The company further said that it had increased its CNG stations network to 134, commenced 19 new CNG stations during the quarter. PNG home connection had been increased to 4.46 lakhs with 7704 new connections added in Q2 FY21. It had increased commercial & industrial connection to 4,588.

Suresh P Manglani, CEO of Adani Gas said, "Adani Gas has reported highest ever financial performance with robust physical performance despite ongoing pandemic. The vision has always been to boost gas infrastructure and the city gas distribution network in order to reach all 19 geographical areas awarded to Adani Gas. We are actively pursuing the strategy of expanding PNG and CNG Infrastructure on fast track mode. Apart from PNG, we are consistently encouraging society to convert their vehicles to environmental- friendly CNG and contribute in reducing the carbon footprint."

Separately, Adani Gas announced signing a Definitive Agreement for acquisition of 3 Geographical Areas namely Ludhiana, Jalandhar and Kutch (East).

"All 3 GAs have high volumes potential in terms of demand of over 6.5 MMSCMD over a period 10 Years. These GA's are under Phase 1 of Bharat Mala Pariyojana by NHAI which will further boost the development and volume growth,” the company said.

Adani Gas said that Ludhiana and Jalandhar are twin cities of Punjab and are major Industrial and Commercial hubs with very high-volume potential of CNG and PNG homes. Both cities are in the vicinity of the pipeline connectivity. Kutch (East) in Gujarat is poised to take centre stage for the Industrial Development in Gujarat. AGL has strong presence in Gujarat. Kutch (East) is well connected with pipeline and R-LNG terminal infrastructures making Kutch (East) an attractive destination for the development of CGD network.

Given the availability of pipeline connectivity in the surroundings, all the 3 GAs shall offer early monetization opportunity to AGL.

With the addition of these 3 GAs, AGL shall now have a presence in 22 GAs as a standalone entity and additional 19 GAs with JV partner with IOCL aggregating its tally to 41 GAs (74 districts) ensuring AGL's continued leadership in CGD business in India.

Speaking on the occasion, Suresh P Manglani, CEO, Adani Gas said, "These 3 GAs offer high PNG and CNG volumes together with excellent infrastructure growth opportunities. This transformational acquisition shall allow AGL to supply cleaner fuels - PNG in fulfilling much awaited aspirations of large number of homes, commercial and industrial consumers, Gurudwara, hotels, restaurants and environmentally friendly CNG to automotive consumers in Ludhiana, Jalandhar and Kutch (East) GAs. This initiative by AGL shall further support the vision of central and state governments to provide PNG and CNG to all."

Adani Gas is engaged in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.