Adani Total Gas posts first profit rise in five quarters as CNG sales grow

India’s Adani Total Gas on Thursday reported its first quarterly profit increase in five quarters as higher sales of compressed natural gas (CNG) helped offset higher gas purchasing costs.The company, a joint venture of Adani Group and French oil giant TotalEnergies SE, said consolidated net profit rose about 11.4% to 1.59 billion rupees ($17.4 million) in the three months ended December 31.

On a standalone basis, CNG volumes, which account for more than half of total sales, grew 17% in the latest quarter, driven by network expansion, the company said. 18 new CNG stations were added, bringing the total to 680.

In the natural gas (PNG) segment, sales volume grew 3% to 89 million standard cubic meters, the company said.

Operating income rose 17% to 16.39 billion rupees, while total costs rose 18.1% to 14.37 billion rupees, while natural gas costs rose about 18%.

In April 2025, the Indian government reduced supplies of subsidized natural gas to city gas distributors, including Adani Total Gas, after domestic production fell.

India’s natural gas production fell for the 18th straight month, falling 4.4% year-on-year in December. Shares of Adani Total Gas closed 3.8% higher before the results were announced.

($1 = 91.5930 Indian Rupees)