Adani Total Gas receives approval for city gas distribution network in Jalandhar, stock trades in green

Following the announcement, shares of Adani Total Gas were trading higher by 1.37%.

In the fourth quarter of the financial year 2024, Adani Total Gas’ net profit surged 71.42% year-on-year (YoY) to ₹168 crore. The consolidated revenue from operations was up 5% to ₹1,258 crore while earnings before interest, tax, depreciation, and amortisation (EBITDA) was up 47.80% YoY to ₹303 crore.

For the financial year ended March 31, 2024, the company saw its net profit rise by 22.43% YoY to ₹668 crore. The consolidated revenue from operations was 2.84% YoY higher at ₹4,816 crore. The EBITDA for FY24 was up 26.57% YoY to ₹1,148 crore.

In FY24, Adani Total Gas saw a 15% YoY rise in overall volume at 865 million standard cubic meters (MMSCM). However, the marginal growth in revenue was because of a reduction in the gas cost by 6% due to the easing of administered price mechanism (APM) gas price and efficient gas sourcing. This helped the firm to pass on the benefit of lower gas prices to consumers, it said.

The company said CNG stations have been increased to 547 with the addition of 91 new CNG stations.

Suresh P Manglani, ED & CEO of Adani Total Gas said during the quarter, the firm commissioned the first phase of one of India’s largest diversified feedstock-to-CBG plants at Barsana in Mathura and also expanded its E-Mobility footprint to 23 states. “These, along with LTM, are our next big growth drivers and we are steadily executing a sustainable business plan around these neo-opportunities,” he added.

Shares of the company have declined by nearly 10% since the beginning of the year. The stock has gained over 40% in the last one year.