Adani Total Gas Q3 Profit Up 16% on CNG Sales | India News

New Delhi, Jan 30 (PTI) Adani Total Gas Ltd, the city gas retailing joint venture of Adani group and TotalEnergies of France, on Tuesday reported a 16 per cent rise in third quarter net profit on the back of strong CNG sales.

It posted a standalone net profit of Rs 172 crore in the October-December period compared to Rs 148 crore a year back, the company said in a statement.

Sale of compressed natural gas (CNG) soared 24 per cent to 144 million standard cubic metres in the December quarter, while piped natural gas sales grew 15 per cent to 80 mmscm.

The CNG sales rose as the firm added 98 new stations, taking the total network to 835 stations across the country. Adding over 85,580 new piped natural gas consumers took the total households buying piped cooking gas from the company to 9.3 lakh.

Revenue from operations was 5 per cent higher at Rs 1,243 crore.

"Adani Total Gas Ltd (ATGL) is embarking on the opportunities in the LNG segment as a transport fuel with building its 1st LNG retail outlet in Dahej, Gujarat, which is expected to be commissioned by July 2024," the statement said. "ATGL has developed a plan to setup LNG station network at various strategic locations pan India."

It now has 329 EV charging points across 46 cities in 10 states. An additional 1,050 EV charging points are under construction.

"With the expansion of CGD (City Gas Distribution) infrastructure, together with seizing opportunity in the areas of e-mobility, biomass and LNG for transport and 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. 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, Executive Director & Chief Executive Officer of the company.

Apart from e-mobility and biomass (CBG), the firm is now also embarking upon LNG for transport and 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," he said.

Although the overall volume has increased, revenue from operations has risen by 2 per cent due to a reduction in gas cost, especially gas as ATGL passed on the benefit of price reduction to consumers which resulted in lower sales price, the statement added.