On January 30, 2024, Adani Total Gas Limited (BSE, NSE: ATGL) announced its Q3 2023-24 results, recording Q3 FY24 Revenue from Operations at ₹1,243 Cr, with Overall Volume increased by 21% in Q3 and by 13% in 9M YoY.
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Adani Total Gas Limited Main Result Takeaways
Gas icon, Adani Total Gas, under the umbrella of the giant Adani Group, reported Q3 FY24 results led by robust growth. Key highlights regarding 9M FY24 and Q3 FY24, as the Company reported, are given below:
Additional Read: Q3 Results Dashboard
Standalone Operational Highlights for 9M FY24
- The Company’s CNG stations have now risen to 505, and it added 45 New CNG stations.
- The total number of homes with PNG stood at 7.79 lakh, as the Company added 74,501 new homes running on PNG.
- Industrial & Commercial gas connections went up to 8,071 as the Company added 636 new clients.
- Adani Gas Limited has completed the construction of ~ 11,712 inch Km of Steel Pipelines.
- The combined CNG and PNG volume of 633 MMSCM is under the operation of Adani Gas Limited, up by 13%.
Standalone Financial Highlights of 9M FY24 YoY
- The Company’s Revenue from Operations stood at ₹3,556 Cr.
- The Company reported an EBITDA of ₹846 Cr, a rise of 20%.
- The PBT was ₹655 Cr, a rise 14%.
- The Company’s PAT stood at ₹488 Cr, risen by 15%.
Standalone Financial Highlights of Q3 FY24 YoY
- The Company’s Revenue from Operations was at ₹1,243 Cr.
- The EBITDA was at ₹301 Cr, a rise of 26%.
- The PBT of the Company stood at ₹231 Cr, a rise of 15%.
- The PAT was at ₹172 Cr, a rise of 16%.
Consolidated PAT for 9MFY24
- The Company’s Consolidated PAT was at ₹500 Cr, up by 11%.
Adani Gas Limited India Footprint – 9MFY24 (With a Joint Venture, namely IOAGPL)
- The Company had a CNG-Station network of 835, and added 98 New CNG Stations.
- The total number of PNG home connections stood at 9.30 lakh, as the company added 85,581 new homes with PNG.
- The Company’s Industrial & Commercial connections rose to 8,781 as it added 760 new clients.
- The Company has completed the construction of ~ 20,817 inch Km of Steel Pipelines.
The Management’s Take on Q3 Results
The CEO and ED of Adani Total Gas Limited had some key aspects of Q3 results to share and these are highlighted below:
- With the expansion of CGD-driven infrastructure, coupled with seizing opportunities in the areas of biomass, e-mobility, and LNG for Transport & Mining (LTM), the Company has, again, delivered double-digit volume growth of 13% YoY on a 9-month basis.
- The increase in volume tied with efficient sourcing of gas and an ‘eye’ on OPEX, has resulted in an increase in EBITDA by 20% YoY for a 9-month period.
- The Company’s current priority is to concentrate on providing easy availability of natural gas in the form of CNG and PNG by fast-tracking infrastructure development in the geographical areas that are reached by the Company.
Q3 Business Outcomes
Details related to the Company’s business performance in diverse Company segments were also released with Q3 FY24 results. These are mentioned below:
Adani Total Energies E-mobility Limited (ATEL)
- 329 EV charging points have been commissioned, spanning 10 states.
- An additional 1050+ EV charging points are under construction.
Adani Total Energies Biomass Limited (ATBL)
- ATBL expects the commissioning of Phase-1 (225 Tonnes Per Day) of India’s largest 600 TPD biomass plant in Barsana by the end of March 2024.
- The groundwork for the 500 TPD municipal solid waste project earned from the Ahmedabad Municipal Corporation has already begun.
LNG for Transport & Mining (LTM)
- Adani Total Gas Limited is leveraging opportunities in the LNG segment, to use it as a Transport fuel, by setting up its first LNG Retail Outlet in Dahej, expected to be commissioned by 2024 (July).
- The Company has prepared a plan to establish an LNG station network at many strategic locations all over India.
Financial Results at a Glance
Here is a glimpse of the Standalone financial results of Q3 (figures in ₹ Cr as reported by the Company, except where indicated by %):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 | % Change YoY |
| Revenue from Operations | 1,243 | 1,186 | 5% |
| Cost of Natural Gas | 824 | 856 | -4% |
| Gross Profit | 419 | 329 | 27% |
| EBITDA | 301 | 238 | 26% |
| Profit Before Tax | 231 | 201 | 15% |
| Continuing Profit After Tax (PAT) | 172 | 148 | 16% |
Additional Check: Adani Total Gas Share Price
Q3 FY24 Result Summary
Given its extensive reach in gas distribution, Adani Total Gas Limited, working under the conglomerate of the Adani Group, is authorised in 33 geographical locations and plays a vital role in India’s efforts to boost the share of natural gas within its own energy mix. Of the 52 GAs that exist, Adani Total Gas owns 33, while the rest are owned by the joint venture of Adani Gas Private Limited and Indian Oil. Additionally, Adani Total Gas Limites has created two entirely owned subsidiaries – Adani Total Energies Biomass and Adani Total Energies E-Mobility Ltd. The Company has also established a 50-50 collaboration with Smart Meter Technologies Private Limited for the operations of its manufacturing business of gas meters.
Adani Total Gas Limited has, yet again, proven its mettle with Q3 and 9M FY24 results as it gets ready to scale new heights on the back of its robust, repeatable, and dependable transformative investment model. Driven by the Company’s key operating features, like its network expansion of CNG stations growth (inclusive of CODO/DODO stations), steel pipelines, growth in CNG household connections, and a rise in PNG connections within Industrial and Commercial spaces, the Company has witnessed powerful figures in its financials and balance sheet for Q3, and significantly for 9M FY24. With the way of life at Adani Total Gas Limited having digitisation at its core, the Company forges ahead with innovation in infrastructure and development, making it India’s leading gas provider.
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Source: Adani Total Gas Investor Presentation
