Hot Pursuit     06-Sep-23
Adani Total Gas gains on bagging order from Ahmedabad Municipal Corporation
Adani Total Gas rose 1.64% to Rs 644 after the company announced that it has received a work order form Ahmedabad Municipal Corporation to operate a 500 tonnes per day (TPD) capacity of bio-CNG (CBG) plant located in Ahmedabad.

The work order includes designing, building, financing and operating a 500 TPD capacity of bio-CNG plant. The order will be executed on a public-private partnership (PPP) model at Pirana or Gyaspur in Ahmedabad for a concession period of 20 years.

Adani Total Gas is one of India's leading private players 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.

The natural gas distribution company reported 7.1% increase in net profit to Rs 147.69 core in Q1 FY24 from Rs 137.84 crore recorded in Q1 FY23. Revenue from operations increased marginally to Rs 1,055.58 crore in Q1 FY24 as against Rs 1,042.35 crore posted in Q1 FY23.

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