- Revenue from operations at Rs 1,244.00 crore, up 4.9 per cent
- The preparatory work on 500 TPD municipal solid waste projects awarded by Ahmedabad Municipal Corporation has already commenced
- For the 9 months of FY24, CNG volume increased by 21 per cent YoY on account of the reduction in CNG prices along with network expansion of CNG stations
NE BUSINESS BUREAU
AHMEDABAD, JAN 30
Adani Total Gas Ltd (ATGL), India’s leading City Gas Distribution company, on Tuesday reported its third quarter earnings for the financial year 2023-24 with profit at Rs 176.64 crore, up 17.6 per cent in comparison to Rs 150.19 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 1,244.00 crore, up 4.9 per cent as against Rs 1,185.50 crore during the third quarter of last year. The company EBITDA stood at Rs 288 crore.
“With expansion of CGD infrastructure, together with ceasing opportunity in the areas of e-mobility, biomass and LNG for Transport & Mining (LTM), ATGL has once again delivered a double-digit growth in volumes of 13% Y-o-Y on nine months basis. The rise in volume coupled with efficient gas sourcing and an ‘eye’ on opex have led to increase in EBIDTA by 20% Y-o-Y in nine months. Company’s present priority is to focus on providing easy access of natural gas in the form of PNG and CNG by fast tracking the infrastructure development in all our Geographical Areas,” said Suresh P Manglani, ED & CEO of Adani Total Gas.
“With our consumer centricity approach, apart from e-mobility and biomass (CBG) we are now also embarking upon LNG for Transport & Mining (LTM). ATGL will provide decarbonizing solutions for various entities and help in reducing carbon footprint. Our strategy will be to offer a wider range of cleaner energy fuel to all our consumers,” he added.
Standalone Operational and Financial Highlights
| Particulars | UoM | 9M FY24 | 9M FY23 | % Change YoY |
Q3 FY24 | Q3 FY23 | % Change YoY |
| Operational Performance | |||||||
| Sales Volume | MMSCM | 633 | 560 | 13% | 224 | 186 | 21% |
| CNG Sales | MMSCM | 408 | 338 | 21% | 144 | 116 | 24% |
| PNG Sales | MMSCM | 225 | 222 | 1% | 80 | 70 | 15% |
| Financial Performance | |||||||
| Revenue from Operations | Rs Cr | 3,556 | 3,486 | 2% | 1,243 | 1,186 | 5% |
| Cost of Natural Gas | Rs Cr | 2,391 | 2,501 | -4% | 824 | 856 | -4% |
| Gross Profit | Rs Cr | 1,165 | 985 | 18% | 419 | 329 | 27% |
| EBITDA | Rs Cr | 846 | 702 | 20% | 301 | 238 | 26% |
| Profit Before Tax | Rs Cr | 655 | 574 | 14% | 231 | 201 | 15% |
| Profit After Tax | Rs Cr | 488 | 426 | 15% | 172 | 148 | 16% |
Adani TotalEnergies E-mobility Limited (ATEL) said that it commissioned 329 EV charging points across 10 states, 46 cities and further additional 1050+ EV charging points are under construction.
Adani TotalEnergies Biomass Limited (ATBL) said that the Phase-1 (225 tonnes per day) of India’s largest 600 TPD biomass plant in Barsana is expected to be commissioned by ATBL by end of March 2024. The preparatory work on 500 TPD municipal solid waste project awarded by Ahmedabad Municipal Corporation has already commenced, it said.
ATGL is also embarking on the opportunities in the LNG segment as a Transport fuel with building its first LNG retail outlet in Dahej, which is expected to be commissioned by July 2024. ATGL has developed plan to setup LNG station network at various strategic location across pan India.
Furthermore, for the 9 months of FY24, CNG volume increased by 21 per cent YoY on account of the reduction in CNG prices along with network expansion of CNG stations. With recovery of PNG industrial volume and addition of new PNG connections in domestic and commercial, PNG volume has increased by 1 per cent. Although the overall volume has increased by 13 per cent YoY, revenue from operations has increased by 2 per cent due to reduction in gas cost especially APM gas as ATGL passed on the benefit of APM gas price reduction to consumers which resulted in lower sales price.
