 "Adani Group (Photo: Bloomberg)")
Adani Total Gas Ltd, the city gas retailing joint venture of Adani group and TotalEnergies of France, on Tuesday reported a 59 per cent rise in March quarter net profit on the back of a surge in CNG sales volumes.
The company posted a net profit of Rs 165 crore in the January-March period as against Rs 104 crore in the same period a year back, the company said in a statement.
The firm, which retails CNG to automobiles and pipes natural gas to household kitchen for cooking purpose, saw a revenue increase of 5 per cent to Rs 1,257 crore while EBITDA surged 49 per cent to Rs 305 crore the quarter.
CNG sales rose 20 per cent to 149 million standard cubic metres and piped natural gas sales were up 15 per cent to 83 mmscm.
For the full fiscal year, the company reported a net profit of Rs 653 crore on a revenue of Rs 4,813 crore. This compared with Rs 530 crore net profit on a revenue of Rs 4,683 crore in 2022-23.
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ATGL said it added 91 new CNG stations to take the strength to 547 across the geographies where it holds city gas licence.
Total piped natural gas (PNG) homes swelled to 8.20 lakh after adding 1.16 lakh new households.
"FY24 (April 2023 to March 2024 fiscal year) has been a transformative year for ATGL. We delivered a robust operational and financial performance and achieved a 27 per cent year-on-year EBITDA growth on the back of 15 per cent volume growth," Adani Total Gas CEO Suresh P Manglani said.
"We are fully committed to India's energy transition journey and continue to invest in creating world class infrastructure across our geographical areas (GAs) and diversifying into areas adjacent to our core CGD business. We are incubating new business opportunities in the areas of compressed biogas, EV charging infrastructure, and LNG for trucking and mining (LTM)," he said.
During the quarter, the firm commissioned the first phase of one of India's largest diversified feedstock-to-CBG plant at Barsana in Mathura and also expanded e-mobility footprint to 23 states, he said.
"These, along with LTM are our next big growth drivers and we are steadily executing a sustainable business plan around these neo-opportunities," Manglani said.
ATGL holds city gas licence for 33 GAs. Another 19 are held by Indian Oil-Adani Gas Private Limited (IOAGPL) -- a 50:50 joint venture between Adani Total Gas Ltd and Indian Oil Corporation Ltd.
Also, ATGL has formed two wholly owned subsidiaries namely Adani TotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for its e-mobility and biomass business, respectively. ATGL has also formed a 50:50 joint venture, namely Smart Meter Technologies Pvt Ltd for its gas meter manufacturing business.
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