Ahmedabad : Adani Total Gas Ltd (“ATGL”), India’s leading City Gas Distribution company, announced today its operational and financial performance for the nine-month ended and quarter ended 31st December 2023.
“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 Mr. 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”.
Standalone Operational and Financial Highlights:
| Particulars | UoM | 9M FY24 | 9M FY23 | % Change YoY |
Q3 FY24 | Q3 FY23 | % Change YoY |
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| 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 | INR 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 | INR Cr | 846 | 702 | 20% | 301 | 238 | 26% | ||||||||
| Profit Before Tax | INR Cr | 655 | 574 | 14% | 231 | 201 | 15% | ||||||||
| Profit After Tax | INR Cr | 488 | 426 | 15% | 172 | 148 | 16% |
Results Commentary 9M FY24 (Y-o-Y)
Ø CNG Volume increased by 21% Y-o-Y on account of the reduction in CNG prices along with network expansion of CNG stations.
Ø With recovery of PNG Industrial Volume and addition of new PNG connection in domestic and commercial, PNG Volume has increased by 1%
Ø Although the overall volume has increased by 13% Y-o-Y, Revenue from operations has increased by 2% due to reduction in gas cost especially APM gas as ATGL passed on the benefit of APM gas price reduction to consumers which resulted into lower sales price.
Ø EBITDA has increased by 20% Y-o-Y on account of higher volume and balanced price strategy.
Awards
Ø ATGL is awarded with Climate Action Programme (CAP) – Committed category by CII of CAP 2.0 awards program for its commitment towards climate change initiatives.
Ø ATGL won “Golden Peacock Award for HR Excellence” award 2023 for its HR best practices.
About Adani Total Gas
Given its gas distribution, ATGL is authorised in 33 Geographical Areas and plays a significant role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 52 GAs, 33 are owned by ATGL and the balance 19 GAs are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited. Further, ATGL has formed 2 wholly owned subsidiaries namely Adani TotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for its E-Mobility and Biomass Business respectively. ATGL has also formed a 50:50 joint venture, namely Smart Meter Technologies Private Limited for its gas meter manufacturing business.
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