Adani Total Gas March Quarter Profit Jumps 21%

Adani Total Gas Ltd, the city gas joint venture between the Adani Group and French energy giant TotalEnergies, on Tuesday reported a 21 per cent rise in its consolidated net profit in the March 2023 quarter.

Consolidated net profit of Rs 97.91 crore in January-March quarter was compared with Rs 81.09 crore net earnings in the same period a year back, according to company's stock exchange filing.

Sales volume rose 2 per cent to 193 million standard cubic metres.

The firm retails CNG to automobiles and piped natural gas to household kitchens as well as industries.

CNG stations now increased to 460 with addition of 126 new outlets, the company said in a statement.

Total piped cooking gas (PNG) home increased by 1.24 lakh to 7.04 lakh while industrial and commercial connections increased to 7,435.

For the full 2022-23 fiscal (April 2022 to March 2023), Adani Total Gas Ltd reported a consolidated net profit of Rs 546 crore on a revenue of Rs 4,683 crore.

The firm commissioned 104 EV charging points at 26 locations across India and started 1st Compressed Bio-Gas (CBG) station at Varanasi, Uttar Pradesh.

"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," said Suresh P Manglani, Executive Director & CEO of Adani Total Gas Ltd (ATGL).

To provide wider energy offerings to consumers, ATGL, through its SPVs, have forayed into e-mobility and biogas.

"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," he said.

The company welcomed the government decision to impose a ceiling price on domestically produced gas, which companies like ATGL source and turn into CNG for sale to automobiles and pipe to household kitchens (PNG).

This, it said, "will ensure stability in domestic gas price".

The ceiling price led to a drop in gas cost for city gas companies, which ATGL has passed on the end consumers, the statement said. "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." PTI ANZ HVA

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