Adani Total Gas Q2 & H1FY24 Results

 

CNG Stations increased to 483

PNG consumers increased to 7.64 lakh

CNG volume up 20% in Q2 and 19% in H1 Y-o-Y

Q2 EBITDA – INR 290 Cr, by 23% YoY

H1 EBITDA – INR 545 Cr, by 17% YoY

EDITOR’S SYNOPSIS

Operational Highlights H1FY24 (Standalone):

• CNG Stations now increased to 483, added 23 New CNG Stations
• Total PNG home at 56 lakh, added 51,801 new homes
• Industrial & Commercial PNG connections increased to 7,849 added 414 new consumers
• Completed ~ 11,448 Inch Km of Steel Pipeline
• Combined CNG and PNG volume of 409 MMSCM, an increase of 9%

Pan India Footprint – H1FY24 (With JV namely IOAGPL):

• CNG Stations network of 785, added 48 New CNG Stations
• Total PNG home at 04 lakh, added 59,017 new homes
• Industrial & Commercial connections increased to 8,502 adding 481 new consumers
• Completed ~ 20,135 Inch Km of Steel Pipeline

Financial Highlights Q2FY24 (Standalone) Y-o-Y:

• Revenue from Operations at INR 1,178 Cr
• EBITDA of INR 290 Cr, increased by 23%
• Reported PBT of INR 225 Cr, increased by 20%
• Reported PAT at INR 168 Cr, increased by 20%

Financial Highlights H1FY24 (Standalone) Y-o-Y:

• Revenue from Operations at INR 2,313 Cr
• EBITDA of INR 545 Cr, increased by 17%
• Reported PBT of INR 424 Cr, increased by 14%
• Reported PAT at INR 315 Cr, increased by 14%

Consolidated PAT: H1FY24

• Consolidated PAT at INR 323 Cr, increased by 8%

Other Business updates

E-mobility Business

• 221 EV charging points have been commissioned at 64 locations.
• ATEL partners with various players to develop and install EV charging facilities at various locations across India

Bio Business

• ATGL has won the tender conducted by Ahmedabad Municipal Corporation to Design Build Finance and operate 500 TPD Municipal Solid Waste (MSW) based Bio CBG plant in Ahmedabad

ATBL is building one of India’s largest CBG plants in Barsana, Uttar Pradesh. The work is in full swing and now the company has commenced the sourcing of required feedstock for the plant.

Ahmedabad, 31^st October 2023: 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 to PNG and CNG giving a boost to the 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 in e-mobility and biomass businesses. In the e-mobility business, charging points have now increased to 221 charging points across 64 locations and we soon intend to reach 3000 charging points. In the 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:

 

Particulars	UoM	H1 FY24	H1 FY23	% Change YoY	Q2 FY24	Q2 FY23	% Change YoY
Operational Performance
Sales Volume	MMSCM	409	374	9%	211	190	10%
CNG Sales	MMSCM	264	222	19%	136	113	20%
PNG Sales	MMSCM	145	152	-5%	75	77	-3%
Financial Performance
Revenue from Operations	INR Cr	2,313	2,301	1%	1,178	1,190	-1%
Cost of Natural Gas	INR Cr	1,567	1,645	-5%	775	860	-10%
Gross Profit	INR Cr	746	656	14%	403	330	22%
EBITDA	INR Cr	545	464	17%	290	236	23%
Profit Before Tax	INR Cr	424	373	14%	225	188	20%
Profit After Tax	INR Cr	315	277	14%	168	139	20%

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 a reduction in gas cost due to a revised pricing formula approved by the Government of India w.e.f. 8^th April 2023 ATGL passed on the benefit to its consumers, resulting in a decrease in sales price.
• In spite of an increase in volume, the cost of gas has decreased by 5% on account of the implementation of the new Domestic gas price approved by the Government of India along with the softening of R-LNG prices.
• EBITDA has increased by 17% on account of higher volume and a balanced price strategy.