Adani Total Gas Ltd, a joint venture between Adani Group and TotalEnergies, reported a 4% increase in its consolidated net profit for the fourth quarter ended March 2024, reaching Rs 172 crore compared to Rs 165 crore in the same period last year. The company's revenue from operations rose 16% to Rs 1,242 crore, up from Rs 1,070 crore in Q4 FY23, driven by higher gas sales volumes.
Financial Highlights
The company's total income for the quarter stood at Rs 1,260 crore, compared to Rs 1,090 crore in the corresponding quarter of the previous fiscal. Expenses increased to Rs 1,034 crore from Rs 885 crore, primarily due to higher gas procurement costs. EBITDA for the quarter grew 14% to Rs 226 crore, with margins improving to 18.2% from 18.1%.
Volume Growth
Adani Total Gas witnessed a 17% increase in overall gas sales volume to 6.90 million metric standard cubic meters per day (mmscmd) in Q4 FY24, compared to 5.90 mmscmd in Q4 FY23. The volume growth was driven by strong demand from industrial and commercial customers, as well as expansion in the compressed natural gas (CNG) segment for vehicles.
Segment Performance
- CNG volume rose 20% to 3.20 mmscmd, supported by an expanding network of CNG stations.
- Industrial and commercial volumes increased 15% to 3.70 mmscmd, aided by new customer additions.
- Piped natural gas (PNG) volumes for domestic use grew 10% to 0.50 mmscmd.
Outlook and Expansion
The company continues to invest in expanding its city gas distribution network across its licensed geographical areas. It plans to add 50 new CNG stations and connect 30,000 new households in FY25. Adani Total Gas is also exploring opportunities in emerging segments such as biogas and hydrogen blending to diversify its energy portfolio.
For the full fiscal year 2023-24, the company reported a net profit of Rs 611 crore, up 12% from Rs 545 crore in FY23, while revenue grew 14% to Rs 4,755 crore from Rs 4,171 crore. The board has recommended a final dividend of Rs 1.20 per share, subject to shareholder approval.
