Adani Total Gas Reports 20% Net Profit Rise for June Quarter Driven by Increased CNG and Piped Gas Sales

Adani Total Gas Ltd, the city gas joint venture between Adani group and TotalEnergies of France, reported a 20% rise in net profit for the June quarter. The increase was due to higher sales of CNG and piped cooking gas. The company’s net profit for April-June was Rs 177 crore, up from Rs 148 crore in the same period last year. Revenue from operations rose by 9% to Rs 1,237 crore. CNG sales increased by 20% to 153 million standard cubic meters in the first quarter of the current fiscal year (2024-25), while sales of piped cooking gas to households rose by 11% to 77 mmscm. EBITDA also saw a significant increase, rising by 21% to Rs 308 crore year-on-year.

Overall volume rose by 17% to 230 mmscm, with the CNG network expanding to 559 stations and piped natural gas connections reaching 8.58 lakh homes. The company added 740 EV charging stations, bringing the total to 1,212 across 15 states. Adani Total Gas Ltd also received approval from the regulator, PNGRB, for the transfer of letter of authorization for Jalandhar, with the company viewing it as a high volume growth opportunity.

Suresh P Manglani, ED & CEO of Adani Total Gas Ltd, said, “It has been a good start for FY25 as ATGL delivered a robust operational and financial performance by achieving a 21% EBITDA growth on the back of a 17% volume growth.” With the optimization of gas prices, there has been a recovery in industrial volume, and new piped natural gas connections in domestic and commercial segments have led to an 11% increase in volume year-on-year.

ATGL has licenses to retail CNG to automobiles and piped natural gas to households and industry in 34 geographical areas, with licenses for 19 GAs in joint venture with Indian Oil Corporation (IOC). The company has also formed wholly-owned subsidiaries for its e-mobility and biomass businesses, as well as a joint venture for gas meter manufacturing.