• Source:PTI
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Adani Total Gas Ltd, the city gas retailing joint venture of Adani Group and TotalEnergies of France, reported a 59 percent rise in net profit for the quarter ended March on the back of a surge in CNG sales volumes. In a statement, the company said it posted a net profit of Rs 165 crore for the January-March quarter as compared to Rs 104 crore in the same period last year.

The company’s revenue from operations increased 5 percent to Rs 1,257 crore during the quarter, while EBITDA (earnings before interest, tax, depreciation, and amortization) jumped 49 percent to Rs 305 crore.

CNG sales rose 20 percent to 149 million standard cubic meters, while piped natural gas sales were up 15 percent to 83 mmscm. For the full financial 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 2021-22.

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ATGL said it added 91 new CNG stations to take the strength to 547 across the geographies where it holds a city gas license. 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 percent year-on-year EBITDA growth on the back of 15 percent volume growth," Adani Total Gas CEO Suresh P Manglani said.

During the quarter, the company commissioned the first phase of one of India's largest diversified feedstock-to-CBG plants in Barsana, Mathura, and also expanded its e-mobility footprint to 23 states, he 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.

ATGL holds a city gas license 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.

Furthermore, 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.

"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.

(With PTI Inputs)

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