Adani Total Gas Results: Company's Revenue From Operations Increases 46 Per Cent

Adani Total Gas announced a dividend of Rs 0.25 per equity share

Adani Total Gas Ltd's consolidated profit after tax jumped 20.7 per cent in the quarter ended March 31, 2023, to Rs 97.91 crore from Rs 81.09 crore in the same quarter in 2022. ( Image Source :Getty )

Adani Total Gas Ltd, one of India’s leading city gas distribution company, on Tuesday reported that its consolidated profit after tax (PAT) jumped 20.7 per cent in the quarter ended March 31, 2023, to Rs 97.91 crore from Rs 81.09 crore in the same quarter in 2022. The company announced a dividend of Rs 0.25 per equity share.

ATGL's revenue from operations increased 46 per cent, while its EBITDA is Rs 907 crore, a rise of 11 per cent. In FY23, the company's PAT rose 7.28 per cent to Rs 546.49 crore from Rs 509.4 crore, the company's results showed.

Suresh P Manglani, executive director and CEO, Adani Total Gas, said, "ATGL has shown resilience and delivered a good all-round performance both on physical infrastructure and financial front despite high gas prices throughout the year. The fast-track development of steel pipeline and CNG stations has helped in creating natural gas ecosystem in geographical areas where we are present and will now help in connecting PNG consumers going forward. To provide wider energy offerings to consumers, ATGL, through its SPVs have forayed into E-mobility and Bio-. This SPVs, in next 12-18 months will be creating over 3,000 EV charging points and build one of the India’s largest Biogas plant in Uttar Pradesh, whose work is in full swing."

CNG volume has increased by 28 per cent YoY on account of network expansion of CNG stations, while PNG volume decreased by 13 per cent YoY due to lesser offtake of gas largely by Industrial consumers owing to high PNG prices resulting from higher gas cost.

 “ATGL appreciates the Government of India’s decision on approving the ceiling and floor price on domestic gas, which will ensure stability in domestic gas price. Further, ATGL has passed on the benefit to the end consumers. We are confident that this, coupled with the softening of R-LNG prices, will drive increased demand across both PNG and CNG segments and ATGL will play pivotal role in achieving government vision in moving towards gas-based economy," Manglani added.