Ahmedabad, 30 April 2024: Adani Total Gas Ltd (“ATGL”), India’s leading City Gas Distribution (CGD) company, today announced its operational and financial performance for the full year (FY24) and quarter ended 31st March 2024.
“FY24 has been a transformative year for ATGL. We delivered a robust operational and financial performance and achieved a 27% YoY EBITDA growth on the back of 15% volume growth,” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas.
“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). During the quarter, we commissioned the 1st phase of one of the India’s largest diversified feedstock-to-CBG plant at Barsana in Mathura and also expanded our E-Mobility footprint to 23 states. These, along with LTM are our next big growth drivers and we are steadily executing a sustainable business plan around these neo-opportunities,” he added.
Standalone Operational and Financial Highlights:
| Particulars | UoM | FY24 | FY23 | % Change YoY |
Q4 FY24 | Q4 FY23 | % Change YoY |
| Operational Performance | |||||||
| Sales Volume | MMSCM | 865 | 753 | 15% | 232 | 193 | 20% |
| CNG Sales | MMSCM | 557 | 459 | 21% | 149 | 121 | 23% |
| PNG Sales | MMSCM | 308 | 294 | 5% | 83 | 72 | 15% |
| Financial Performance | |||||||
| Revenue from Operations | INR Cr | 4,813 | 4,683 | 3% | 1,257 | 1,197 | 5% |
| Cost of Natural Gas | INR Cr | 3,188 | 3,392 | -6% | 797 | 891 | -11% |
| Gross Profit | INR Cr | 1,626 | 1,292 | 26% | 461 | 307 | 50% |
| EBITDA | INR Cr | 1,150 | 907 | 27% | 305 | 205 | 49% |
| Profit Before Tax | INR Cr | 882 | 716 | 23% | 227 | 142 | 60% |
| Profit After Tax | INR Cr | 653 | 530 | 23% | 165 | 104 | 59% |
Results Commentary FY24
- CNG Volume increased by 21% Y-o-Y on account of network expansion across multiple Geographical Areas (GAs).
- With recovery of PNG Industrial volume and addition of new PNG connection in domestic and commercial segments, PNG Volume has increased by 5% Y-o-Y
- Although the overall volume has increased by 15% Y-o-Y, Revenue from operations has increased by 3% Y-o-Y. This was on account of the reduction in gas cost by 6% Y-o-Y due to easing of APM gas price and efficient gas sourcing. This helped ATGL pass on the benefit of lower gas price to consumers.
- EBITDA has increased by 27% Y-o-Y on account of higher volume and opex optimization.
Capital & Leverage Position
ATGL has a healthy balance sheet with
- Debt-to-Equity ratio at 41x
- Net Debt to EBITDA is ratio 89x
Further, ATGL credit rating has been reaffirmed at AA- by ICRA with change in outlook to Stable from Negative.
Key ESG Highlights
- ATGL ranked 13th under Gas utilities with 80 percentile by S&P Global ESG rating
- ATGL is now signatory to the United Nations Global Compact (UNGC)
- Under Greenmosphere initiative, over 15600 students were trained across 58 schools
- ATGL has Planted 7+ Lakh trees across multiple locations.
Awards & Accolades – FY24
- Received Outstanding Commitment in Road Safety by FICCI
- ATGL Corporate office awarded with IGBC “Gold” Certification by Indian Green Building Council
- Awarded with Climate Action Programme (CAP) – Committed category by CII of CAP 2.0 awards program for its commitment towards climate change initiatives.
- Won “Golden Peacock Award for HR Excellence” award 2023 for its HR best practices.