India's Adani Total Gas posts lower quarterly profit as input costs rise
The company, a joint venture of Adani Group and French oil major TotalEnergies SE (TTEF.PA), opens new tab, said its consolidated net profit fell about 3.8% from a year earlier to 1.65 billion rupees ($19 million) in the June quarter.
The Indian government in April reduced the allocation of low-cost natural gas to city gas distributors such as Adani Total Gas, citing a decline in domestic output by gas producers.
India's natural gas production fell 0.9% year-on-year in April, and 3.6% and 2.8% in May and June, respectively.
To maintain uninterrupted supply, the company had to bridge the shortfall by sourcing more expensive natural gas.
The company's natural gas costs rose 30.6%, leading to a 27% rise in its total expenses to 12.88 billion rupees.
Its CNG volumes, which account for more than half of its total sales, grew 21% during the quarter, as the company expanded its network.
Adani Total Gas added 3 new CNG stations during the quarter, taking its total to 650 as of June 30.
Sales volume in its piped natural gas segment grew by 6%.
Total revenue from operations rose 20.9% to 14.98 billion rupees.
Its shares closed nearly flat ahead of the results announcement.
($1 = 86.6630 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
India to maintain Russian oil imports despite Trump threats, government sources say
NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab, Bharat Petroleum Corp ( opens new tab and Mangalore Refinery Petrochemical Ltd ( opens new tab have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ( opens new tab, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
Reuters
3 hours ago
- Reuters
India's stranded renewable projects double to over 50 GW, documents show
SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed. The South Asian nation aims to more than double its non-fossil fuel power capacity to 500 gigawatts (GW) by 2030, but the acceleration has left projects without firm agreements to supply power. Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts (GW), India's Sustainable Projects Developers Association (SPDA) said in a letter to the Ministry of New and Renewable Energy on June 27. That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters. Tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC ( opens new tab, ( opens new tab, Adani Green ( opens new tab, ACME Solar ( opens new tab, Renew (RNW.O), opens new tab and Sembcorp ( opens new tab are stranded, two industry officials familiar with the matter said. "Energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in its June 27 letter to the renewable energy ministry. The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about a quarter the size of India's current installed renewable capacity of 184.6 GW. The companies did not respond to Reuters requests seeking comment. Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, the SPDA said in the June letter. Interstate transmission lines connecting renewable energy projects to the grid are being fast-tracked, and compensation for landowners allowing power cables on their property has been increased to facilitate construction, the federal power ministry told Reuters. India plans to connect 230 GW of renewable energy projects to the grid through interstate transmission lines, of which 20% have been completed, 70% are under construction and the remainder is being bid out, the ministry said, without specifying a timeline for completion. Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, SPDA said, adding that several developers have paused operations over unresolved court cases.
The Guardian
5 hours ago
- The Guardian
India to still buy oil from Russia despite Trump threats, say officials
Indian oil refineries will continue to buy oil from Russia, officials have said, before threatened US sanctions next week against Moscow's trading partners over the war in Ukraine. Media reports on Friday had suggested India, a big energy importer, would stop buying cheap Russian oil. Trump told reporters on Friday that such a move would be 'a good step' if true. 'I understand that India is no longer going to be buying oil from Russia,' he said. 'That's what I heard. I don't know if that's right or not. That is a good step. We will see what happens.' However, official sources in India, quoted by the news agency ANI, rebutted Trump's claim, saying Indian oil companies had not paused Russian imports and that supply decisions were based on 'price, grade of crude, inventories, logistics and other economic factors'. Trump's remarks came a day after the White House announced tariffs of 25% on all Indian goods, along with a penalty for buying arms and energy from Russia amid the war in Ukraine. Trump has given an 8 August deadline for Vladimir Putin to stop the war or risk further sanctions on tariffs on countries that import Russian oil. Earlier this week, Reuters reported that Indian state-owned refineries had suspended Russian oil purchases amid the tariff threats and narrowing price discounts. But on Saturday the New York Times cited two unnamed senior Indian officials who said there had been no change in Indian government policy related to importing Russian oil. One said the government had 'not given any direction to oil companies' to cease buying oil from Russia. 'These are long-term oil contracts,' one of the sources said. 'It is not so simple to just stop buying overnight.' The sources cited by ANI said Indian oil refineries operated in full compliance with international norms, and that Russian oil had never been directly sanctioned by the US or EU. 'Instead, it was subjected to a G7-EU price-cap mechanism designed to limit revenue while ensuring global supplies continued to flow.' They added: 'India's purchases have remained fully legitimate and within the framework of international norms.' The sources also noted that if India had not 'absorbed discounted Russian crude combined with Opec+ production cuts of 5.8 mb/d [millions of barrels a day], global oil prices could have surged well beyond the March 2022 peak of US$137/bbl [a barrel], intensifying inflationary pressures worldwide'. Sign up to First Thing Our US morning briefing breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion Russia is the top oil supplier to India, responsible for about 35% of the country's supplies. India says that as a major energy importer it must find the cheapest supplies to protect its population against rising costs. On Friday India's foreign ministry spokesperson, Randhir Jaiswal, said: 'We look at what is available in the markets, what is on offer, and also what is the prevailing global situation or circumstances.' Jaiswal added that India had a 'steady and time-tested partnership' with Russia. This partnership has been a point of contention for the White House, with Trump posting on Truth Social on 30 July that while India was 'our friend', it had always bought most of its military equipment from Russia and was 'Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE – ALL THINGS NOT GOOD!' In a second post, Trump added: 'I don't care what India does with Russia. They can take their dead economies down together, for all I care.' Ukraine's military said on Saturday it had hit oil facilities inside Russia, including a refinery in Ryazan, causing a fire on its premises. The strike also hit an oil storage facility, a military airfield for drones and an electronics factory.
