Adani Total Gas Ltd (ATGL) Reports Impressive Q2 & H1FY24 Results with Record EBITDA

Ahmedabad: Adani Total Gas Ltd (“ATGL”), India’s leading City Gas Distribution company, announced today its operational and financial performance for the Half Year ended and quarter ended 30^th September 2023.

“ATGL has shown continuance of all round strong performance in our core CGD business. The volumes have increased by 9% during the first half year of this financial year resulting in an increase of EBITDA by 17% to INR 545 Crs. The company is continuing its focus on building PNG and CNG infrastructure across all its Geographical Areas to extend easy access of PNG and CNG giving boost to adaptation of natural gas as a fuel of their choice by the large numbers of PNG and CNG consumers.” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas.

“ATGL has also made significant progress on e-mobility and biomass businesses. In e-mobility business, charging points have now increased to 221 charging points across 64 locations and we soon intend to reach to 3000 charging points. In biomass business, we have won 500 Tons Per Day (TPD) Municipal Solid Waste (MSW) based biogas project in Ahmedabad in this quarter and we continue to explore many such opportunities across India.

We are striving to commission phase 1 of our Barsana Compressed Bio Gas (CBG) plant in this financial year. With a consumer centricity approach along with our strategic preparedness to offer a wider range of sustainable energy solutions to all our consumers, I firmly believe in ATGL’s readiness for a promising future”.

Standalone Operational and Financial Highlights:

Results Commentary H1 FY24 (Y-o-Y)

• CNG Volume increased by 19% Y-o-Y on account of the reduction in CNG prices along with network expansion of CNG stations.
• PNG Volume has decreased by 5% Y-o-Y due to lower offtake by industrial consumers due to lower alternative fuel prices.
• Revenue from operations has remained flat as there was reduction in gas cost due to revised pricing formula approved by Government of India w.e.f. 8^th April 2023  which ATGL passed on the benefit to its consumers, resulting in decrease in sales price.
• In spite of increase in volume, the cost of gas has decreased by 5% on account of implementation of new Domestic gas price approved by the Government of India along with softening of R-LNG prices.
• EBITDA has increased by 17% on account of higher volume and balanced price strategy.

About Adani Total Gas

Given its gas distribution, ATGL is authorised in 33 Geographical Areas and plays a significant role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 52 GAs, 33 are owned by ATGL and the balance 19 GAs are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited. Further, ATGL has formed 2 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 Private Limited for its gas meter manufacturing business.

For more information, please visit https://www.adanigas.com/

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