Adani Total Gas FY22 capex planned at Rs. 1,200 crore- Rs 1,400 crore: CEO.

Adani Total Gas plans a capital expenditure of Rs. 1,200 crore- Rs. 1,400 crore in 2021-22, despite disruption in project execution and decline in demand due to the second wave of the Covid-19 pandemic.

While Covid is impacting temporarily and there is some slowdown on the sites, we are not expecting to reduce our budget or capex plan. We are committed to roll out our complete capex plan and the numbers we have committed. We will compensate for the temporary delays which are happening,” Chief Executive Officer Suresh Manglani told reporters on Tuesday.

The company has work going on some sites, albeit at a slower pace. But it is typing up with vendors and contractors and hopes to rap up soon. The company had said last year that it has plans to invest around Rs 5,500 crore in five years for capital expenditure.

“We are not revising any capex plans and we won’t have any time overruns,” he said.

On Tuesday, the company reported a consolidated net profit of Rs. 144.08 crore in the fourth quarter of 2020-21 as against Rs. 121.11 crore a year ago. The company’s consolidated total income rose to Rs 633.65 crore in the March quarter from Rs. 502.05 crore in the previous year.

“During the Quarter ended 31st March 2021 the company has written off Rs. 4.48 Crore towards expenditure incurred for a geographical area that was bid by the company, pursuant to the order received for withdrawal of contempt petition from Hon’ble Supreme Court,” the company said.

ET