Adani Gas slumps

The Covid did leave an impact on Adani Gas’s earnings for Q1FY21. With CNG sales volume going down 66% (YoY) and that of PNG by 40%, overall sales volume showed a decline of 53% during the quarter.

This, when translated into financial performance, showed a 57% drop in revenue from operations at Rs.207 crore. EBITDA was down 41% at Rs.86 crore and PAT was at Rs.46 crore, down 42%.

The company said that its operational performance of the business continues to be recovering in phased manner towards Pre COVID level.

The market is obviously not happy with this performance and the stock price fell almost 4% to Rs.152.50 though it has recovered a bit and is now trading 3% lower at Rs.153 levels.