Adani Gas shares on Thursday declined nearly 4 per cent after the company reported a 41.6% year-on-year drop in net profit to Rs 46.3 crore for the April-June quarter of FY21.
The COVID-19-induced lockdown has hindered natural gas demand causing a significant drop in consumption.
“With continued lockdown of 69 days in Q1 FY21 the company witnessed volume impact of 53 per cent as compared to Q1 FY20,” it said.
The company’s stock declined 3.81 per cent to Rs 152.50 on the BSE.
At the NSE, it fell 3.75 per cent to Rs 152.55.
Net profit of Rs 46 crore in April-June compared with Rs 79 crore net profit a year ago, the company said in a statement.
Gas sales volumes dropped to 64 million standard cubic meters(mmscm) in the first quarter of 2020-21 from 137 mmscm in the same period a year ago.
CNG sales fell 66 per cent to 24 mmscm while sale of piped natural gas to household kitchens was down 40 per cent at 40 mmscm.