Adani Total Gas Q2 & H1FY24 Results, Company Continues to deliver Highest ever EBITDA

Vinayak Barot

1 year ago

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Adani Total Gas, Q2 & H1FY24 Results,

Ahmedabad, 31st October 2023: Adani Total Gas Ltd (“ATGL”),India’s leading City Gas Distribution company, announced today its operational and financial performance for the Half Year ended and quarter ended 30th September 2023.

“ATGL has shown continuance of all round strong performance in our core CGD business. The volumes have increased by 9% during the firsthalf year of this financial year resulting in an increase of EBITDA by 17% to INR 545 Crs. The company is continuing its focus on building PNG and CNG infrastructure across all its Geographical Areas to extend easy access of PNG and CNG giving boost to adaptation of natural gas as a fuel of their choice by the large numbers of PNG and CNG consumers.” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas. “ATGL has also made significant progress on e-mobilityand biomass businesses. In e-mobility business, charging points have now increased to 221 charging points across 64 locations and we soon intend to reach to 3000 charging points. In biomass business, we have won 500 Tons Per Day (TPD) Municipal Solid Waste (MSW) based biogas project in Ahmedabad in this quarter and we continue to explore many such opportunities across India. We are striving to commission phase 1 of our Barsana Compressed Bio Gas (CBG) plant in this financial year. With a consumer centricity approach along with our strategic preparedness to offer a wider range of sustainable energy solutions to all our consumers, I firmly believe in ATGL’s readiness for a promising future”.

Standalone Operational and Financial Highlights:

Particulars	UoM	H1 FY24	H1 FY23	% Change YoY	Q2 FY24	Q2 FY23	% Change YoY
Operational Performance
Sales Volume	MMSCM	409	374	9%	211	190	10%
CNG Sales	MMSCM	264	222	19%	136	113	20%
PNG Sales	MMSCM	145	152	-5%	75	77	-3%
Financial Performance
Revenue from Operations	INR Cr	2,313	2,301	1%	1,178	1,190	-1%
Cost of Natural Gas	INR Cr	1,567	1,645	-5%	775	860	-10%
Gross Profit	INR Cr	746	656	14%	403	330	22%
EBITDA	INR Cr	545	464	17%	290	236	23%
Profit Before Tax	INR Cr	424	373	14%	225	188	20%
Profit After Tax	INR Cr	315	277	14%	168	139	20%

Results Commentary H1 FY24 (Y-o-Y)

➢ CNG Volume increased by 19% Y-o-Y on account of the reductionin CNG prices along with network expansion of CNG stations.

➢ PNG Volume has decreased by 5% Y-o-Y due to lower offtake by industrial consumers due to lower alternative fuel prices.

➢ Revenue from operations has remained flat as there was reduction in gas cost due to revised pricing formula approved by Government of India w.e.f. 8th April 2023 which ATGL passed on the benefit to its consumers, resulting in decrease in sales price.

➢ In spite of increase in volume, the cost of gas has decreased by 5% on account of implementation of new Domestic gas price approved by the Government of India along with softening of R-LNG prices.

➢ EBITDA has increased by 17% on account of higher volume and balanced price strategy.