Adani Gas Limited Q1 FY21 Results

Revenue from Operations at INR 207 Cr

EBITDA at INR 86 Cr

EDITOR’S SYNOPSIS

Operational Highlights Q1 FY21 (Standalone):

• Uninterrupted gas supply (24X7) maintained even during complete lockdown for 2/3^rd of the quarter period and partial resumption during the balance period of the quarter with adoption to the rapidly changing environment
• Adani Gas continued its “Safety First” approach and implemented highest safety standards to ensure the safety of our employees, consumers, vendors and our business partners
• Despite continued COVID-19 impact, combined volume of CNG and PNG achieved @ 64 MMSCM vs 137 MMCM in Q1 FY20
• Volume in June’20 was at 0.71 MMSCMD compared to volume in April’20 at 0.35 MMSCMD showing significant volume recovery trend
• PNG Home Connection increased to 4.38 Lacs (979 New Connections in Q1 FY21)
• Commercial & Industrial connection now increased to 4,448

   

  Financial Highlights Q1 FY21 (Standalone):

   

• Revenue from Operations stood at INR 207 Cr vs. Q1 FY20 INR 479 Cr
• EBITDA stood at INR 86 Cr vs. Q1 FY20 EBITDA of INR 146 Cr
• PBT for Q1 FY21 was at INR 63 Cr vs. Q1 FY20 PBT of INR 123 Cr
• PAT for Q1 FY21 was at INR 46 Cr vs. Q1 FY20 PAT of INR 79 Cr

Ahmedabad, August 5, 2020: Adani Gas Ltd. [“AGL”] today announced the financial results for the first quarter ended 30^th June 2020.

Standalone Financial Highlights:

COVID-19 update on Business:

With continued lockdown of 69 days in Q1 FY21 the Company witnessed volume impact of 53 % as compared to Q1 FY20. There was a progressive rebound in volumes as compared to pre-covid situation and exit volume as on 30^th June 2020 had already reached at 1.25 mmscmd as compared to 1.60 mmscmd for the month of Mar’20. The operational performance of the business continues to be recovering in phased manner towards Pre COVID level.

During the period of lockdown, the Company had maintained unnterrupted supply of Natural Gas – 24X7 for PNG and CNG consumers.

Critical operations like Area Emergency Offices & Master Control Rooms, Remote functioning of Customer Care Services have remained operational adhering to complete safety and social distancing guidelines during the period ensuring safe and satisfactory support to the consumers.

The Company’s operational efficiency, enhanced focus on supply chain management, contract negotiations, third party spend, and fuel efficiencies have helped in partially addressing the impact of lower volumes and improving EBITDA margin in Q1 FY20.

Commenting on the quarter result of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Gas Limited has delivered a good performance even amidst the global pandemic. Commitment to sustainability is the cornerstone of the growth which AGL is set to chart. Our strategy is designed to deliver growth with goodness while contributing to the larger objective of nation building. In line with the Government’s policy we are committed to contribute to the nation’s vision of providing a safer, cleaner and greener energy. As India’s economy slowly revitalizes, Adani Gas will put its best to overcome challenges posed by the global pandemic as a nation”.

Mr. Suresh Manglani, CEO of Adani Gas said, “We are watchful of the ongoing pandemic situation for Covid-19. As a responsible natural gas service provider, Adani Gas Limited has ensured continuous supply of CNG and PNG, uninterrupted and prompt customer care service during these tough times. Adani Gas Limited has delivered a sustainable performance in Q1 FY21 despite the impact on PNG Industrial & Commercial and CNG segments. The company is continuously and closely monitoring the developments and is actively working to moderate the impact of this unprecedented situation. We have resumed project and operational activities in phased manner which were ceased in March’20 on account of lockdown, to meet our commitments towards development of city gas distribution in the new geographical areas (GAs) and contribute towards the nation building & providing clean energy for all”.