Table of Content
Introduction
Adani Total Gas Limited, formerly known as Adani Gas Limited, was established in 2004 and has its headquarters in Ahmedabad, Gujarat. The company develops City Gas Distribution (CGD) Networks in the country to supply PNG to residential, commercial, and industrial areas. It also supplies CNG to the transport sector. Adani Total Gas has set up gas distribution networks in Ahmedabad and Vadodara in the state of Gujarat, Faridabad in Haryana, and Khurja in Uttar Pradesh.
On Tuesday (October 31st), Adani Total Gas announced its quarterly results for the period ending on September 30, 2023. As per the regulatory filing, the company reported an 8% YoY rise in net profit. Here’s a closer look at the key facts and figures.
Additional Read: Q2 Results Dashboard
Key Financial Metrics
Performance Highlights (Consolidated)
- Adani Total Gas reported a consolidated net profit of ₹172.68 Cr in Q2 FY24, up 8% YoY from ₹160.02 Cr reported during the same period last year.
- Sequentially, the company’s net profit rose 15% (QoQ) from ₹150.22 Cr during Q1 FY24.
- The revenue from operations declined by 1% YoY at ₹1,178.77 Cr from ₹1,190.37 Cr in the corresponding period last year.
- The company’s EBITDA rose 22% YoY to ₹289 Cr, up from ₹236 Cr reported during Q2 FY23.
As per an exchange filing, Adani Total Gas Ltd. registered an 8% YoY increase in its net profit, clocking ₹172.68 Cr during the period under review. Sequentially, the net profit grew 15% from ₹150.22 Cr.
The company’s revenue from operations fell by 1% YoY to ₹1,178.77 Cr. However, sequentially, it registered a growth of 3.8%, as it was ₹1,135.35 Cr during the preceding quarter of the fiscal year.
At the operating level, the company’s EBITDA rose 22% YoY to ₹289 Cr. Compared to the last quarter, EBITDA surged 13% from ₹225 Cr.
The company’s standalone profit before tax (PBT) for the quarter increased by 20% YoY to ₹225.01 Cr from ₹187.54 Cr.
Its standalone profit after tax (PAT) for Q2 FY24 also surged 20% YoY to ₹167.79 Cr from ₹139.34 Cr during Q2 FY23.
The consolidated profit after tax (PAT) for H1 FY24 stood at ₹322.9 Cr, up 8% YoY from ₹298.39 Cr. On the other hand, the consolidated revenue from operations for the first half of the fiscal year increased to ₹2,314.12 Cr from ₹2,300.58 Cr reported during H1 FY23.
The company also stated that it added 23 new CNG stations during the quarter under review, increasing the overall number to 483. Moreover, the number of PNG home connections (total) rose to 7.56 lakh, with the company adding 51,801 new connections during H1 FY24.
Also Read: Adani Total Gas Share Price
Management Commentary
Mr. Suresh P Manglani, ED & CEO of Adani Total Gas, made the following announcements.
Key Announcements
- Adani Total Gas Ltd. won the tender conducted by Ahmedabad Municipal Corporation to design, construct, finance, and oversee 500 TPD Municipal Solid Waste (MSW) based bio CBG plant in Ahmedabad.
- The company is also building one of the country’s largest CBG plants in Barsana, UP.
Adani Total Gas Limited: Standalone Operational and Financial Figures
| Particular | 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 | ₹ Crore | ₹2,313 Cr | ₹2,301 Cr | 1% | ₹1,178 Cr | ₹1,190 Cr | -1% |
| Cost of Natural Gas | ₹ Crore | ₹1,567 Cr | ₹1,645Cr | -5% | ₹775 Cr | ₹860 Cr | -10% |
| Gross Profit | ₹ Crore | ₹746 Cr | ₹656 Cr | 14% | ₹403 Cr | ₹330 Cr | 22% |
| EBITDA | ₹ Crore | ₹545 Cr | ₹464 Cr | 17% | ₹290 Cr | ₹236 Cr | 23% |
| Profit Before Tax | ₹ Crore | ₹424 Cr | ₹373 Cr | 14% | ₹225 Cr | ₹188 Cr | 20% |
| Profit After Tax | ₹ Crore | ₹315 Cr | ₹277 Cr | 14% | ₹168 Cr | ₹139 Cr | 20% |
Also Read: Adani Enterprises
Adani Total Gas Limited: Consolidated Financial Figures
| Particular | Q2 FY24 | Q1 FY24 | Q2 FY23 | H1 FY24 | H1 FY23 |
| Revenue from Operations | ₹1,179 Cr | ₹1,135 Cr | ₹1,190 Cr | ₹2,314 Cr | ₹2,301 Cr |
| Total Expenditure | ₹899 Cr | ₹888 Cr | ₹964 Cr | ₹1,786 Cr | ₹1,856 Cr |
| Operational EBITDA | ₹280 Cr | ₹248 Cr | ₹226 Cr | ₹528 Cr | ₹445 Cr |
| EBITDA | ₹289 Cr | ₹255 Cr | ₹236 Cr | ₹544 Cr | ₹464 Cr |
| PBT Before Share of Profit from JointVentures | ₹224 Cr | ₹199 Cr | ₹188 Cr | ₹423 Cr | ₹373 Cr |
| Profit Before Tax | ₹230 Cr | ₹201 Cr | ₹208 Cr | ₹431 Cr | ₹394 Cr |
| Profit After Tax | ₹173 Cr | ₹150 Cr | ₹160 Cr | ₹323 Cr | ₹298 Cr |
Stock Performance
ATGL released its quarterly results for Q2 FY24 on October 31st. The following day, the company’s shares opened at ₹570.10 and, at 10:17 A.M., fell 0.15% to ₹563.95 apiece on BSE.
About Adani Total Gas Limited
Adani Total Gas Ltd. was founded in 2004 as Adani Gas Ltd., and the name was changed to Adani Total Gas Ltd. in 2021. Apart from providing piped natural gas (PNG) and compressed natural gas (CNG), Adani Total Gas is currently exploring other areas, including biogas, biofuel, LCNG, biomass, HCNG, and EV. Additionally, the company manufactures various equipment and provides value-added services pertaining to the City Gas Distribution (CGD) business. In 2017, 100% of the company’s equity shares were transferred to Adani Gas Holdings Limited, making it a wholly-owned subsidiary of Adani Gas Holdings Ltd.
Additionally, the company has established city gas distribution networks in several areas, including Ahmedabad, Faridabad, and Khurja. Furthermore, the consortium of Adani Total Gas and Indian Oil Corporation was awarded the development of various areas, including Allahabad, Ernakulam, Panipat, Dharwad, and Udhamsingh Nagar gas distribution.
Sources:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/59338ba8-f68a-4da1-93a2-42d67f22c00b.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachLive/fcbab424-bb72-4746-b9d3-2911864f6d63.pdf
