Adani Total Gas profit rises 18% to Rs 177 crore in December quarter

Billionaire Gautam Adani-backed Adani Total Gas on Tuesday reported net profit of Rs 177 crore in third quarter of current financial year, marking an upside of 18 per cent from Rs 150 crore during the same period last year.

Its revenue from operations (net of excise) rose 5 per cent to Rs 1,156 crore as against Rs 1,105 crore in the year ago period.

Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit advanced 25.3 per cent to Rs 288 crore and its operating profit margin improved 411 basis points (bps) to 24.91 per cent from 20.80 per cent.

“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 (year-on-year) Y-o-Y 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 Y-o-Y in nine months. 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 Mr. Suresh P Manglani, ED & CEO of Adani Total Gas.

In the first nine months of current financial year CNG volume increased by 21 per cent annually on account of the reduction in CNG prices along with network expansion of CNG stations.

The company had a network of 835 CNG stations and added 98 new 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 Y-o-Y, 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, the company said in a press release.

Adani Total gas shares traded 0.72 per cent lower at Rs 1,029.50.