Adani Total Gas Thrives in Q3: CNG Volume Soars, Revenue Hits INR 3,556 Cr in 9M

• Adani Total Gas Q3 & 9MFY24 Results
• Overall Volume up by 21% in Q3 & 13% in 9M Y-o-Y
• CNG volume up by 24% in Q3 & 21% in 9M Y-o-Y
• ATGL Crosses 500 CNG stations
• PNG household increased to 7.79 lakh connections
• Q3 EBITDA – INR 301 Cr, up 26% YoY
• EV charging points spread to 10 states,46 cities
•  

Operational Highlights 9MFY24 (Standalone): Ø  CNG Stations now increased to 505, added 45 New CNG Stations Ø  Total PNG home at 7.79 lakh, added 74,501 new households on PNG Ø  Industrial & Commercial connections increased to 8,071 added 636 new consumers Ø  Completed ~ 11,712 Inch Km of Steel Pipeline Ø  Combined CNG and PNG volume of 633 MMSCM, increase of 13%   Financial Highlights 9MFY24 (Standalone) Y-o-Y: Ø  Revenue from Operations at INR 3,556 Cr Ø  EBITDA of INR 846 Cr, increased by 20% Ø  PBT of INR 655 Cr, increased by 14% Ø  PAT at INR 488 Cr , increased by 15% Financial Highlights Q3FY24 (Standalone) Y-o-Y: Ø  Revenue from Operations at INR 1,243 Cr Ø  EBITDA of INR 301 Cr, increased by 26% Ø  PBT of INR 231 Cr, increased by 15% Ø  PAT at INR 172 Cr , increased by 16% Consolidated PAT : 9MFY24 Ø  Consolidated PAT at INR 500 Cr, increased by 11%         Pan India Footprint – 9MFY24 (With JV namely IOAGPL): Ø  CNG Stations network of 835, added 98 New CNG Stations Ø  Total PNG home at 9.30 lakh, added 85,581 new households on PNG Ø  Industrial & Commercial connections increased to 8,781 added 760 new consumers Ø  Completed ~ 20,817 Inch Km of Steel Pipeline Key Business updates Adani TotalEnergies E-mobility Limited (ATEL)   Ø  329 EV charging points have been commissioned across 10 states,46 cities Ø  Additional 1050+ EV charging points are under construction: o   300+ charge points to be built at 5 cities through city municipal corporations and o   750+ charge points at multiple cities is being partnered with various players which includes various EV fleets companies, Govt. Authorities, various tourism departments etc. o   With these EV network will be spread across which 20 states, 130 cities Adani TotalEnergies Biomass Limited (ATBL)  Ø  Phase-1 (225 Tonnes Per Day) of India’s largest 600 TPD biomass plant in Barsana is expected to be commissioned by ATBL by end of March 2024. Ø  The preparatory work on 500 TPD municipal solid waste project awarded by Ahmedabad Municipal Corporation has already commenced. LNG for Transport & Mining (LTM) Ø  ATGL is embarking on the opportunities in the LNG segment as a Transport fuel with building its 1st LNG Retail Outlet in Dahej, Gujarat which is expected to be commissioned by July 2024. Ø  ATGL has developed plan to setup LNG station network at various strategic location across Pan India.

Ahmedabad, 30^th January 2024: Adani Total Gas Ltd (“ATGL”), India’s leading City Gas Distribution company, announced today its operational and financial performance for the nine-month ended and quarter ended 31^st December 2023.

“With expansion of CGD infrastructure, together with ceasing opportunity in the areas of e-mobility, biomass and LNG for Transport & Mining (LTM), ATGL has once again delivered a double-digit growth in volumes of 13% Y-o-Y on nine months basis.

The rise in volume coupled with efficient gas sourcing and an ‘eye’ on opex have led to increase in EBIDTA by 20% Y-o-Y in nine months. Company’s present priority is to focus on providing easy access of natural gas in the form of PNG and CNG by fast tracking the infrastructure development in all our Geographical Areas,” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas. “With our consumer centricity approach, apart from e-mobility and biomass (CBG) we are now also embarking upon LNG for Transport & Mining (LTM). ATGL will provide decarbonizing solutions for various entities and help in reducing carbon footprint.  Our strategy will be to offer a wider range of cleaner energy fuel to all our consumers”.

 

Standalone Operational and Financial Highlights:

 

Particulars	UoM	9M FY24	9M FY23	% Change YoY	Q3 FY24	Q3 FY23	% Change YoY
Operational Performance
Sales Volume	MMSCM	633	560	13%	224	186	21%
CNG Sales	MMSCM	408	338	21%	144	116	24%
PNG Sales	MMSCM	225	222	1%	80	70	15%
Financial Performance
Revenue from Operations	INR Cr	3,556	3,486	2%	1,243	1,186	5%
Cost of Natural Gas	Rs Cr	2,391	2,501	-4%	824	856	-4%
Gross Profit	Rs Cr	1,165	985	18%	419	329	27%
EBITDA	INR Cr	846	702	20%	301	238	26%
Profit Before Tax	INR Cr	655	574	14%	231	201	15%
Profit After Tax	INR Cr	488	426	15%	172	148	16%

 

Results Commentary 9M FY24 (Y-o-Y)

 

• CNG Volume increased by 21% Y-o-Y on account of the reduction in CNG prices along with network expansion of CNG stations.
• With recovery of PNG Industrial Volume and addition of new PNG connection in domestic and commercial, PNG Volume has increased by 1%
• Although the overall volume has increased by 13% Y-o-Y, Revenue from operations has increased by 2% due to reduction in gas cost especially APM gas as ATGL passed on the benefit of APM gas price reduction to consumers which resulted into lower sales price.
• EBITDA has increased by 20% Y-o-Y on account of higher volume and balanced price strategy.

Awards

 

• ATGL is awarded with Climate Action Programme (CAP) – Committed category by CII of CAP 2.0 awards program for its commitment towards climate change initiatives.
• ATGL won “Golden Peacock Award for HR Excellence” award 2023 for its HR best practices.

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.