Adani Total Gas Ltd. (ATGL) has announced robust financial results for the third quarter ended December 2023, reporting an 18% year-on-year rise in consolidated net profit at Rs 177 crore, compared to Rs 150 crore in the corresponding quarter last year. The company’s revenue from operations also saw a growth of 4.93%, reaching Rs 1,244 crore from Rs 1,185.50 crore in the same quarter of the previous fiscal year.
ATGL’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 301 crore, marking a substantial increase of 26% year-on-year. The positive financial performance was attributed to higher volume and a balanced price strategy adopted by the company.
Suresh P Manglani, Executive Director & CEO of Adani Total Gas, highlighted the company’s achievements, stating, “With the expansion of CGD (City Gas Distribution) infrastructure, together with seizing opportunities 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% YoY every month.”
Manglani emphasized ATGL’s commitment to offering a wider range of cleaner energy fuels to consumers, including its foray into LNG (Liquefied Natural Gas) for transport fuel. The company is setting up its first LNG Retail Outlet in Dahej, Gujarat, which is expected to be commissioned by July 2024.
ATGL is actively involved in the development of electric vehicle (EV) charging infrastructure through its subsidiary, Adani TotalEnergies E-mobility Limited (ATEL). The company has commissioned 329 EV charging points across 10 states, with an additional 1050-plus charging points under construction. These EV networks will span 20 states and 130 cities.
Furthermore, Adani TotalEnergies Biomass Limited (ATBL), a subsidiary focusing on biomass projects, is set to commission Phase-1 of India’s largest 600 TPD (Tonnes Per Day) biomass plant in Barsana by the end of March 2024. The company has also initiated preparatory work on a 500 TPD municipal solid waste project awarded by Ahmedabad Municipal Corporation.
Despite these positive developments, ATGL faced a slight impact on revenue from operations due to a reduction in gas cost, particularly Administered Pricing Mechanism (APM) gas, where the benefit of price reduction was passed on to consumers, resulting in a lower sales price. However, the company’s strategic focus on expanding its infrastructure and venturing into emerging clean energy segments positions it well for future growth and sustainability.
