Adani Total Gas Q3 Results: Adani Total Gas on Thursday reported over 17% on-year growth in net profit from continuing operations to Rs 150.2 crore in the fiscal third quarter of FY23, rising from Rs 127.60 crore in the same quarter last year. The company’s revenue from operations in the October-December quarter jumped 27.2% to Rs 1,185.5 crore in Q3FY23 from Rs 931.8 crore in Q3FY22. Ahead of the Q3 results, Adani Total Gas shares fell 5% to Rs 1,321.45. The Adani group company’s EBITDA in the Dec quarter rose to Rs 229.9 crore, up 13.1% from Rs 203.3 crore in the corresponding quarter last year. EBIT Margin for the quarter came in at 19.4%, down from 21.8% a year-ago.
LNG volume rises, PNG volume takes a hit
In 9M FY23, Adani Total Gas’ CNG Volume increased by 30% on-year on account of customer activities along with network expansion of CNG stations. Meanwhile, PNG volume decreased by 11% on-year due to lesser offtake of gas largely by Industrial consumers owing to high PNG prices resulting from higher gas costs. The cost of gas increased by 98% majorly on account of replacement of APM price with UBP price for CNG and Domestic PNG. However, UBP price gas shortfall was reduced and there was also an increase in R-LNG price which is procured for the Industrial and Commercial segment.
Adani Total Gas balance sheet ‘Healthy’
Adani total Gas has a ‘Healthy Balance Sheet’ with Debt-to-Equity ratio at 0.4X, and net debt to EBITDA (annualized) at 0.9X, the company said in its regulatory filing. Further, it has been rated AA- (Stable) by ICRA and has Return on Capital Employed at around 20.8% and will continue to focus on maintaining the return ratios Total 32 EV charging points have been made available across multiple locations. The company laid the foundation stone for Barsana, near Mathura and commence the construction work, Adani Total Gas said in a statement.