Adani Total Gas Q3FY24 Results: Net profit jumps 16% YoY to Rs 172 cr
Ahmedabad: Adani Total Gas reported a Profit After Tax (PAT) of Rs 172 crores for Q3FY24, indicating a substantial 16% increase.
The Q3FY24 Profit Before Tax (PBT) also demonstrated positive momentum, recording Rs 231 crores, showcasing a 15% rise.
The revenue from operations reached Rs 1,243 crores, reflecting a robust financial performance. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) showed a notable increase, reaching Rs 301 crores, marking a 26% growth.
The standalone revenue for the first nine months of FY24 from operations reached Rs 3,556 crores, underscoring the company's strong financial standing. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the same period exhibited positive growth, achieving Rs 846 Crores, marking a significant 20% increase.
The Profit Before Tax (PBT) for the nine months also demonstrated positive momentum, recording Rs 655 crores, showcasing a commendable 14% rise.
The Profit After Tax (PAT) for the same period reached Rs 488 Crores, indicating a substantial 15% increase.
These financial figures highlight the company's sustained growth and financial stability during the reported period.
During the first nine months of the fiscal year 2023-24, the Consolidated PAT stood at Rs 500 Crores, reflecting a commendable 11% growth.
The company's Pan India Footprint, in collaboration with its Joint Venture (IOAGPL), witnessed notable expansions.
The CNG Stations network saw an addition of 98 new stations, bringing the total to 835. In the PNG segment, the total number of households reached 9.30 lakhs, with an addition of 85,581 new households.
The Industrial & Commercial connections increased to 8,781, with 760 new consumers added during this period.
Additionally, the company accomplished a significant milestone by completing approximately 20,817 Inch Km of Steel Pipeline during the reported period.
In key business updates, Adani TotalEnergies E-mobility Limited (ATEL) commissioned 329 EV charging points across 10 states and 46 cities, contributing to the growth of the electric mobility infrastructure. Additional 1050+ EV charging points are under construction:
" With the expansion of CGD infrastructure, together with seizing 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% Y-o-Y every month. The rise in volume coupled with efficient gas sourcing and an eye on opex has led to an increase in EBITDA by 20% Y-o-Y in nine months. The company's present priority is to focus on providing easy access to natural gas in the form of PNG and CNG by fast-tracking the infrastructure development in all our Geographical Areas," said Suresh P Manglani, ED & CEO of Adani Total Gas.
"With our consumer-centric approach, apart from e-mobility and biomass (CBG) we are now also embarking upon LNG for Transport & 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 fuels to all our consumers," he added.
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