Adani Total Gas Ltd on Wednesday reported a 47.5 per cent drop in its fourth-quarter net profit after it used expensive imported LNG to meet a spurt in demand for CNG and piped cooking gas.
The company posted a net profit of Rs 76 crore in January-March compared with Rs 145 crore in the year-ago period, it said in a press statement.
CNG sales grew 58 per cent to 100 million standard cubic meters while piped natural gas sales grew 17 per cent to 89 mmscm.
“For Q4 FY22, despite a significant increase in the R-LNG prices, volume curtailment by gas suppliers to ATGL, APM gas price revision effective from Oct 1, 2021, and lower allocation of APM gas, the company registered EBITDA of Rs 141 crore as against EBIDTA of Rs 224 crore during the corresponding quarter of the previous year.
“As a result of volume curtailment by our gas suppliers, ATGL has also consequently calibrated its supplies to industrial consumers,” the firm said.
Revenue rose to Rs 1,065 crore from Rs 614 crore.
For the full 2021-22 fiscal, net profit was up 7 per cent to Rs 505 crore and revenue grew 80 per cent to Rs 3,206 crore.
The company said it has commissioned 117 new CNG stations, taking the total to 334. It added 85,840 new connections, taking total piped natural gas home connections to 5.64 lakh.
Industrial and commercial connections increased to 5,676 with 710 new connections.
The board of the company has approved the formation of two special purpose vehicles for e-mobility and bio businesses.
It has also recommended a dividend of 25 per cent for the financial year 2021-22.
ATGL set up its first EV charging station in Ahmedabad.
The company now has a license to retail CNG and piped natural gas in 52 geographical areas including 19 GAs of its JV company with Indian Oil.
“In spite of challenging global circumstances with gas prices at an all-time high, local constraints on the supply of R-LNG and a shortfall in APM gas, ATGL has once again delivered a resilient performance,” said Suresh P Manglani, CEO of Adani Total Gas Ltd (ATGL).
With 14 new GAs, the firm’s coverage has expanded to 124 districts touching 14 per cent of the population.
“This will aid in taking the momentum further forward of building city gas distribution infrastructure on a pan-India basis and provide ATGL the opportunity to serve a larger consumer base in the coming years,” he said.