Adani Gas inducts second member on board from Total, FYQ1 net declines

Adani Gas has inducted on its board partner Total SA’s India renewable energy and power head, second representative of the French energy major on the board, as two companies work towards a plan to offer a bigger portfolio. Earlier this year, Total acquired 37.4% stake in Adani Gas to jointly expand downstream energy business in India. On Wednesday, Adani Gas said that José Ignacio Sanz Saiz, vice president at Total India for gas, renewables and power, will be on the board of the company. Prior to this, Total SA's India head Alexis Thelemaque was inducted on the board.

“Currently we are focusing on CNG development. But a separate company, Total-Adani Fuel Retail, which will come into fuel retailing in future. That plan is being developed. We will be offering multi-fuel to customers,” Adani Gas Chief Executive Officer Suresh Manglani said. The Gautam Adani-led utility firm sells piped natural gas (PNG) to households and compressed natural gas (CNG) for vehicles and aims to diversify into retail sales of other fuels through this joint venture.

Separately, on Wednesday, the company reported consolidated net profit of Rs 39 crore in the first quarter of 2020-21, plummeting to half of its Rs 79 crore profit in the quarter a year ago. Consolidated total income in the quarter declined to Rs 215 crore as against Rs Rs 490 crore. The company attributed the decline to the volume falling by over 50% in the June quarter due to nationwide lockdown amidst Covid-19 lockdown. The company said that there has been a progressive rebound in volumes, which have inched up to 1.25 mscmd as on end-June as compared to 1.60 mscmd for the month of March. The operational performance of the business continues to be recovering in a phased manner towards pre-COVID level.