Adani Total Gas Ltd, India’s leading City Gas Distribution firm, on Tuesday announced its operational and financial performance for the nine-month ended and quarter ended December 31, 2023 (Q3).
"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 per cent YoY 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 per cent YoY in nine months. The 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 Suresh P Manglani, ED and 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," Manglani said.
Adani Total Gas Ltd's EBITDA has increased by 20 per cent YoY on account of higher volume and balanced price strategy.
As per the release, CNG volume increased by 21 per cent YoY 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 per cent.
Although the overall volume has increased by 13 per cent YoY, revenue from operations has increased by 2 per cent 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.