Adani Total Gas December Quarter Profit Rises 17.2% On Price Hikes
NDTV
India's Adani Total Gas reported a 17.2% rise in quarterly profit on Thursday on price hikes and shortterm contracts, and the company said it was evaluating an independent
Adani Total Gas reported a 17.2% rise in quarterly profit on Thursday on price hikes and short-term contracts, and the company said it was evaluating an independent review following a U.S. short-seller's critical report on its businesses.
The company, part of a larger conglomerate led by billionaire Gautam Adani, has been hit by a market rout after U.S. short-seller Hindenburg Research on Jan. 24 alleged it had engaged in stock manipulation and used tax havens.
The group has denied all allegations. Adani Group first said it would evaluate an independent review while reporting results for other group companies on Tuesday.
The company, which distributes piped gas in various Indian cities, said consolidated profit rose to 1.5 billion rupees ($18.18 million) in the quarter-ending Dec. 31, from 1.28 billion rupees a year ago.