 "adani gas")
Higher sales of compressed natural gas (CNG) in the fourth quarter of 2022-23 (Q4FY23) pulled up consolidated profit after tax (PAT) for Adani Total Gas by 20.7 per cent to Rs 97.91 crore, results announced by the company on Tuesday showed. PAT had stood at Rs 81.09 crore in the same quarter of the previous year.
The energy company is a joint venture between the Adani group and TotalEnergies of France and retails CNG for automobiles, and supplies piped natural gas (PNG) to households. On a sequential basis, the company’s net profit fell 34.8 per cent. Overall, PAT for FY23 rose 7.28 per cent to Rs 546.49 crore. The company also announced a dividend of Rs 0.25 per equity share.
In Q4FY23, CNG sales volume rose to 121 million standard cubic meters of gas (mmscm), up from 100 mmscm in the same quarter of the previous year. Meanwhile, PNG sales volume fell to 72 mmscm, down from 89 mmscm in Q4 of FY22.
“The fast-track development of steel pipeline and CNG stations has helped create a natural gas ecosystem in geographical areas where we are present and will now help in connecting PNG consumers going forward. To provide wider energy offerings to consumers, ATGL, through its SPVs have forayed into e-mobility and bio,” Suresh P Manglani, executive director & CEO, Adani Total Gas, said.
Revenue from operations rose 12.3 per cent YoY to Rs 1,197.31 crore in the latest quarter. Ebitda (earnings before interest, taxes, depreciation and amortisation) surged 49 per cent year-on-year (YoY) to Rs 195.2 crore and margins increased to 17.5 per cent from 13 per cent in the same quarter of the previous year.
Also Read
Through the SPVs, the company also plans to create over 3,000 EV charging points in the next 12-18 months, Manglani said. The company is also building one of India’s largest biogas plants in Uttar Pradesh, work on which is in full swing, he added.
For FY23, the company’s CNG volumes increased by 28 per cent on account of a fast network expansion of CNG stations while PNG volumes decreased 13 per cent due to less offtake of gas largely by industrial consumers owing to high PNG prices, the company said. With global liquefied natural gas price indices on the wane, the company expects demand in both segments rising in coming months.
The company’s newly built Rs 6,000-crore facility to import LNG at Dhamra on the Odisha coast will start commercial operations at the end of May. Dhamra, with an annual capacity of 5 million tonne LNG, is expected to be a key starting point for state-run GAIL’s “Urja Ganga” pipeline, which will bring natural gas to India's eastern states.
