Logo of the Adani group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India
Credit: Reuters Photo
New Delhi: Adani Total Gas Ltd, the city gas joint venture of Adani Group and TotalEnergies of France, on Tuesday reported 20 per cent rise in September quarter net profit on CNG sales boost.
Net profit of Rs 168 crore in July-September was 20 per cent higher than Rs 139 crore net profit in the same period a year back, the company said in a statement.
CNG sales rose 20 per cent to 113 million standard cubic meters while piped gas supplies dropped 3 per cent to 75 mmscm.
Revenue was almost flat at Rs 1,178 crore.
"Revenue from operations has remained flat as there was reduction in gas cost due to revised pricing formula approved by Government of India with effect from April 8, 2023, the benefit of which ATGL passed on to its consumers, resulting in decrease in sales price," it said.
EBITDA increased 17 per cent on account of higher volume and balanced price strategy.
The company said it added 23 new CNG stations to raise the total network strength to 483. It also connected 51,801 homes with piped cooking gas to take total piped natural gas (PNG) connections to 7.56 lakh.
The company said it has won the tender of Ahmedabad Municipal Corporation to design, build, finance and operate 500 tonne a day Municipal Solid Waste (MSW) based bio-CBG plant in Ahmedabad.
It is building one of India's largest CBG plants in Barsana, Uttar Pradesh.
"ATGL has shown continuance of all-round strong performance in our core CGD business. The volumes have increased by 9 per cent during the first half year of this financial year resulting in an increase of EBITDA by 17 per cent to Rs 545 crore.
"The company is continuing its focus on building PNG and CNG infrastructure across all its geographical areas to extend easy access of PNG and CNG giving boost to adaptation of natural gas as a fuel of their choice by the large numbers of PNG and CNG consumers," said Suresh P Manglani, CEO of Adani Total Gas Ltd (ATGL).
Stating that ATGL has made significant progress on e-mobility and biomass businesses, he said the number of charging points has now increased to 221 across 64 locations and the company intended to reach to 3,000 charging points soon.
"We are striving to commission phase 1 of our Barsana Compressed Bio Gas (CBG) plant in this financial year," he added.