Adani Total Gas secures order for Bio-CNG plant in Ahmedabad

Adani Total Gas Limited has received an order from Ahmedabad Municipal Corporation for a bio-CNG, the company said in an exchange filing. The order will "Design, Build, Finance, and Operate a 500 Tonnes Per Day (TPD) Capacity Bio-CNG (CBG) Plant on a PPP Model" at Pirana/Gyaspur, Ahmedabad.

Shares of the company soared about 2.60 per cent to an intraday high of Rs 650 on the NSE. 

"We would like to inform you that the company has received a work order dated September 5, 2023, from Ahmedabad Municipal Corporation (AMC) for "Design, Build, Finance, and Operate a 500 Tonnes Per Day (TPD) Capacity Bio-CNG (CBG) Plant on a PPP Model" at Pirana/Gyaspur, Ahmedabad, for a concession period of 20 years," said the company in an exchange filing.

Financial performance 

The company's net sales for the period amounted to Rs 1,056.06 crore, marking a modest increase of 1.32 per cent compared to the same period in the previous year when net sales were Rs 1,042.35 crore.

Adani Total Gas also saw positive growth in its quarterly net profit, which stood at Rs 150.22 crore for June 2023. This represents an 8.56 per cent increase from the net profit of Rs 138.37 crore recorded in June 2022.

The company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the same quarter reached Rs 255.11 crore, reflecting a robust growth rate of 12.06 per cent when compared to the EBITDA of Rs 227.66 crore in June 2022.

The shares ended the trading session 1.78 per cent higher at Rs 644.70 on the NSE.