Q1FY24 Results: Adani Total Gas reports highest ever EBITDA of Rs 255 Cr

• The revenue from operations for Q1FY24 came in at Rs 1,135 crore, compared to Rs 1,110 crore year-on-year
• Consolidated PAt at Rs 150 crore, increased by 9 percent

NE BUSINESS BUREAU

AHMEDABAD,  AUG 1

Adani Total Gas Ltd (ATGL), India’s leading City Gas Distribution company, reported a nearly 9% rise in first-quarter profit on August 1, helped by higher sales of compressed natural gas (CNG) on Tuesday for the quarter ended 30^th June 2023.

The company, which distributes piped gas to various Indian cities, said consolidated profit rose to Rs 150 crore for the quarter ended June 30 from Rs 138 crore a year earlier.

Adani Total, part of the Adani group conglomerate, said its CNG volume increased 18% from last year led by an addition of 11 new stations.

City gas distributors, who faced gas shortages due to higher spot liquefied gas prices and lower domestic allocations, had passed on price hikes to customers.

Adani Total’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12% year-on-year to Rs 255 crore, helped by cost optimization and maintaining a balanced price strategy, the company said.

Consolidated revenue from operations rose marginally by 2.3% year-on-year to Rs 1135 crore as the company passed on the reduction in domestic gas prices to customers.

“In the beginning of the quarter effective April 2023, CGD industry saw key support from Government of India notifying the stability of APM prices with floor and cap which helped ATGL to reduce the prices of PNG and CNG making it more affordable for end consumers to opt for cleaner fuel as their preferred choice. Despite challenges emerging from softening of alternate fuels, Team ATGL achieved excellent physical and financial results with significant increase in infrastructure reach, augmentation of volume and highest ever EBIDTA. With the continued constructive policy support to CGD industry coming from Government, we are confident the further growth in infra numbers and volume shall gain momentum in spreading CGD network across all our 33 Geographical Areas,” said Suresh P Manglani, ED & CEO of Adani Total Gas.

“With the consumer centricity approach, we have expanded our horizons by increasing our reach/footprint in core CGD business and beyond natural gas through setting up EV charging stations, converting waste to CBG and exploring to set up LNG stations for long haul heavy vehicles, offering a wider range of sustainable energy solutions to all our consumers.”

Standalone Operational and Financial Highlights