Adani Total Gas Q1FY24 Results: CNG stations increased to 467, PNG consumers increased to 7.35 lakhs
Ahmedabad, 1 August 2023: Adani Total Gas Ltd (“ATGL”), India’s leading City Gas Distribution company, announced today its operational and financial performance for the quarter ended 30th June 2023.
“In the beginning of the quarter effective April 2023, CGD industry saw key support from Government of India notifying the stability of APM prices with floor and cap which helped ATGL to reduce the prices of PNG and CNG making it more affordable for end consumers to opt for cleaner fuel as their preferred choice. Despite challenges emerging from softening of alternate fuels, Team ATGL achieved excellent physical and financial results with significant increase in infrastructure reach, augmentation of volume and highest ever EBIDTA. With the continued constructive policy support to CGD industry coming from Government, we are confident the further growth in infra numbers and volume shall gain momentum in spreading CGD network across all our 33 Geographical Areas,” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas. “With the consumer centricity approach, we have expanded our horizons by increasing our reach/footprint in core CGD business and beyond natural gas through setting up EV charging stations, converting waste to CBG and exploring to set up LNG stations for long haul heavy vehicles, offering a wider range of sustainable energy solutions to all our consumers.”
Standalone Operational and Financial Highlights:
| Particulars | UoM | Q1 FY24 | Q1 FY23 | % Change YoY |
| Operational Performance | ||||
| Sales Volume | MMSCM | 198 | 183 | 8% |
| CNG Sales | MMSCM | 128 | 109 | 18% |
| PNG Sales | MMSCM | 70 | 74 | -6% |
| Financial Performance | ||||
| Revenue from Operations | INR Cr | 1,135 | 1,110 | 2% |
| Cost of Natural Gas | Rs Cr | 793 | 785 | 1% |
| Gross Profit | Rs Cr | 342 | 325 | 5% |
| EBITDA | INR Cr | 255 | 228 | 12% |
| Profit Before Tax | INR Cr | 199 | 185 | 7% |
| Profit After Tax | INR Cr | 148 | 138 | 7% |
Results Commentary Q1 FY24 (Y-o-Y)
- CNG Volume increased by 18% Y-o-Y on account of reduction in CNG prices along with network expansion of CNG stations
- PNG Volume has decreased by 6% Y-o-Y due to lower offtake by consumers due to lower alternative fuel prices
- Despite increase in volume, Revenue from operations has increased marginally due to reduction in sales price as ATGL passed through the reduction in Domestic Gas prices as per the revised pricing formula approved by Government of India w.e.f. 8th April 2023.
- Despite increase in volume, the cost of gas has remained flat due to lower domestic gas price.
- EBITDA has increased by 12% on account of higher volume, cost optimization and maintaining a balanced price strategy.
