Adani Total Gas announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Tuesday, April 30, reporting a surge of 71.6 per cent to ₹168 crore, compared to ₹98 crore in the corresponding period last year. The leading city gas distributer’s (CGD) revenue from operations in the fourth quarter of fiscal 2023-24 rose 4.7 per cent to ₹1,167 crore compared to ₹1,114.8 crore in the year-ago period.
On the operating performance, Adani Total Gas’s earnings before interest, taxes, depreciation, and amortization (EBITDA) during the March quarter rose 47.6 per cent to ₹299 crore, compared to ₹195.2 crore in the year-ago period. The margin rose to 24.7 per cent compared to 17.5 per cent year-on-year (YoY).
The total FY24 net profit rose 22 per cent to ₹668 crore. “FY24 has been a transformative year. We delivered a robust operational and financial performance and achieved a 27 per cent YoY EBITDA growth on the back of 15 per cent volume growth,” said Suresh P Manglani, ED & CEO of Adani Total Gas.
“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,” said Manglani. These, along with LTM are the next big growth drivers for the CGD, according to the CEO.
CNG and PNG metrics
Compressed natural gas (CNG) sales rose 20 per cent to 149 million standard cubic metres (mmscm) and piped natural gas (PNG) sales were up 15 per cent to 83 mmscm. The company’s overall volume witnessed an uptick of 15 per cent in FY24 and 20 per cent in Q4 FY24 YoY.
Adani Total Gas said it added 91 new CNG stations to take the strength to 547 across the geographies where it holds city gas licence. Total PNG homes swelled to 8.20 lakh after adding 1.16 lakh new households. Industrial and commercial connections reached 8,331, with 896 new consumers added.
The completion of approximately 12,023 inch km of steel pipeline contributed to the expansion of Adani Total Gas’s infrastructure. The combined CNG and PNG volume reached 865 mmscm, marking an increase of 15 per cent YoY.
Adani Total Gas 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.
Adani Total Gas expanded its footprint across India in FY24 through its joint venture with IOAGPL. The CNG station network reached 903, with 170 new CNG stations added. The total number of PNG households increased to 9.76 lakh, with 1.31 lakh new households added to PNG. Industrial and commercial connections also grew to 9,142, with 1,112 new consumers added. Additionally, the company completed approximately 21,566 inch km of steel pipeline.
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