Adani Total Gas Q1 net rises 20% on higher CNG volumes

Adani Total Gas Ltd, the city gas joint venture between Adani Group and TotalEnergies of France, on Monday, reported a 20% rise in June quarter net profit, on the back of the rise in CNG and piped cooking gas sales.

The company reported a net profit of ₹177 crore in April-June, compared to ₹148 crore earnings in the same period a year back, Adani Total Gas said in a press statement.

Revenue from operations rose 9% to ₹1,237 crore.

The company said CNG sales were up 20% at 153 million standard cubic meters in April-June, the first quarter of the current 2024-25 fiscal year.

Sales of cooking gas piped to households were up 11% at 77 mmscm.

EBITDA was up 21% at ₹308 crore year-on-year.

Overall volume was up by 17% year-on-year to 230 mmscm, the statement said, adding the CNG network increased to 559 stations after adding 12 CNG stations, while piped natural gas households increased to 8.58 lakh homes, with the addition of 38,165 new homes.

The firm added 740 EV charging stations to take the total strength to 1,212 EV charging points spread across 15 states.

Adani Total Gas Ltd received approval from the regulator, PNGRB, for the transfer of letter of authorization for Jalandhar, it said. "Jalandhar in Punjab provides a high volume growth opportunity to the company."

"It has been a good start for FY25 as ATGL delivered a robust operational and financial performance by achieving a 21% EBITDA growth on the back of 17% volume growth," said Suresh P Manglani, ED & CEO of Adani Total Gas Ltd (ATGL).

With the optimisation of gas prices, there has been a recovery in industrial volume and also with the addition of new piped natural gas (PNG) connections in domestic and commercial segments, PNG volume has increased by 11% year-on-year.

"We continue to see more traction on natural gas, as we further build City Gas Distribution (CGD) infrastructure and penetrate deeper across multiple geographical areas (GAs).

"With newer sustainable energy in the form of E-mobility, LNG and Biomass, we remain fully committed to provide a sustainable energy platform to our consumers and playing a leading role in the country's energy transition journey," he said.

The firm said it has installed an additional 34 KW of solar capacity in this quarter, with total installed capacity reaching 934 KW across multiple locations.

ATGL has the license to retail CNG to automobiles and piped natural gas to households and industries in 34 geographical areas. It has licenses for 19 GAs in joint venture with the Indian Oil Corporation (IOC).

Further, ATGL has formed two wholly-owned subsidiaries namely AdaniTotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for its e-nobility and biomass business respectively. ATGL has also formed a 50:50 joint venture, Smart Meter Technologies Pvt Ltd for its gas meter manufacturing business.