Adani Total Gas Q2: Net Profit Rises 8%, Revenue Sheds 1% YoY

The energy company reported a profit of Rs 173 crore for the quarter ended September in the fiscal 2023-24, against a profit of Rs 160 crore in the corresponding quarter in the previous fiscal year. 

The firm logged a 20 per cent jump in it’s CNG sales in the reporting quarter on a YoY basis.

Source : Getty

Adani Total Gas Limited posted a jump of 8 per cent in it’s consolidated profit for the second quarter of the current fiscal year on a year-on-year (YoY) basis. The energy company reported a profit of Rs 173 crore for the quarter ended September in the fiscal 2023-24, against a profit of Rs 160 crore in the corresponding quarter in the previous 2022-23 fiscal year. 

The firm via an exchange filing revealed that the revenue from operations dipped marginally to Rs 1,178.08 crore in the second quarter of the current fiscal year, against Rs 1,190.37 crore logged in the same quarter a year earlier.

The company reported a standalone EBITDA of Rs 290 crore for the quarter under review, up by 23 per cent from Rs 236 crore on a YoY basis. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is often used by companies as an alternative to net income to better understand their finances.

Commenting on the results, Suresh P Manglani, ED and CEO of Adani Total Gas, said, “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.”

Regarding sales, the company noted that it logged a 20 per cent jump in it’s CNG sales in the reporting quarter on a YoY basis. On the other hand, the PNG sales for the firm declined 3 per cent in the quarter on a YoY basis as well. 

The total expenses of the firm dipped almost 5 per cent to Rs 963.74 crore in the reporting quarter, against Rs 1,012.90 crore logged in the same period a year earlier.