Adani Total Gas Ltd on Tuesday posted fiscal first quarter profit at Rs 150.22 crore, up 8.6 per cent in comparison to Rs 138.37 crore during the first quarter of FY23. It posted revenue from operations at Rs 1135.35 crore, up 2.3 per cent as against Rs 1110.21 crore during Q1FY23. “Despite increase in volume, revenue from operations has increased marginally due to reduction in sales price as ATGL passed through the reduction in domestic gas prices as per the revised pricing formula approved by Government of India w.e.f. 8th April 2023,” it said. The company EBITDA stood at Rs 247.8 crore. While the total income during the quarter stood at Rs 1142.72 crore, the expenses stood at Rs 944.05 crore.
“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 EBITDA. 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, Adani Total Gas.
Adani Total Gas’ Q1 performance across business verticals
ATGL has taken its total number of CNG stations to 467, including 7 new CNG stations launched during Q1FY24. Total PNG home was at 7.28 lakh, with addition of 23,928 new homes on PNG during the quarter. Meanwhile, industrial and commercial connections increased to 7,615 with addition of 180 new consumers. Adani Total Gas said that the combined CMG and PNG volume was up 8 per cent at 198 MMSCM. Meanwhile, pan India footprint of Adani Total Gas along with the joint venture IOAGPL, the company’s industrial and commercial connections increased to 8,228 with addition of 207 new consumers. It has added a total of 11 new CNG stations and 27,917 new homes on PNG.
Adani Total Gas said that the CNG volume, during the quarter, increased by 18 per cent YoY on account of reduction in CNG prices along with network expansion of CNG stations. Furthermore, it added that the PNG volume decreased by 6 per cent on-year due to lower offtake by consumers due to lower alternative fuel prices.
“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,” said Suresh P Manglani.
Meanwhile, the company board also approved the re-appointment of Naresh Kumar Nayyar, as an Non-Executive, Independent Director of the company for a second term, commencing from 22nd October, 2023. Naresh Nayyar has over 42 years of experience in the energy sector. “He has vast experience in the development of multi-billion dollar projects, turnaround and transformation of stressed companies, development of new markets and global operations in the oil and gas industry,” it said. He is a Chartered Accountant and is an alumnus of IIM-Ahmedabad. He has also attended Advance Financial Management programme in Oil and Gas from University of Texas, Dallas (USA).