Adani Total Gas Limited on Tuesday reported its fiscal fourth quarter consolidated revenue from operations at Rs 1,197.31 crore, up 12 per cent from Rs 1,065.48 core in the same quarter last year. The company posted a net profit after tax of Rs 97.91 crore for Q4FY23, up 20.7 per cent against Rs 81.09 crore in the fourth quarter of FY22. Adani Total Gas also recommended a dividend of Re. 0.25 per equity share of face value of Re 1 each fully paid up for the Financial Year 2022-23.
“ATGL has shown resilience and delivered a good all-round performance both on physical infrastructure and financial front despite high gas prices throughout the year,” said Suresh P Manglani, Executive Director & CEO, Adani Total Gas. The company board also approved the appointment of Walker Chandiok & Co LLP as the new Statutory Auditor of ATGL.
Adani Total Gas during Q4FY23
CNG volumes at Adani Total Gas increased by 28 per cent on-year during the financial year 2023 on account of the network expansion of CNG stations. Meanwhile, PNG volumes decreased by 13 per cent due to lesser offtake of gas largely by Industrial consumers owing to high PNG prices resulting from higher gas cost. The company said that it has commissioned 104 EV charging points at 26 locations across India and also commissioned the first compressed biogas (CBG) station at Varanasi, Uttar Pradesh. “The fast-track development of steel pipeline and CNG stations has helped in creating a natural gas ecosystem in geographical areas where we are present and will now help in connecting PNG consumers going forward,” said Suresh P Manglani.
While the gas prices remained high, ATGL said that it has been taking a calibrated approach to maintaining a balanced pricing strategy despite passing on high gas prices to its consumers. Cost of gas increased by 62 per cent majorly on account of replacement of APM price with UBP price for CNG and Domestic PNG. The company said that the EBITDA has grown by 11 per cent on-year. “ATGL appreciates the Government of India’s decision on approving the ceiling and floor price on domestic gas, which will ensure stability in domestic gas price,” said Suresh P Manglani.