Adani Total Gas FY24 & Q4 Results

Overall Volume up by 15% in FY24 & 20% in Q4 FY24, Y-o-Y

CNG network increases to 547 stations inclusive of 108 DODO/CODO stations

PNG household increased to 8.20 lakh PNG homes

FY24 EBITDA – INR 1,150 Cr, up 27% Y-o-Y

Barsana CBG plant Phase 1 commissioned

606 EV charging points spread across 14 states


 

EDITOR’S SYNOPSIS

Operational Highlights FY24 (Standalone):

  • CNG Stations now increased to 547, added 91 New CNG Stations
  • Total PNG home at 8.20 lakh, added , 1.16 lakh new households on PNG
  • Industrial & Commercial connections increased to 8,331 added 896 new consumers
  • Completed ~ 12023 Inch Km of Steel Pipeline 
  • Combined CNG and PNG volume of 865 MMSCM, increase of 15%, Y-o-Y 

 

Financial Highlights FY24 (Standalone) Y-o-Y:

  • Revenue from Operations at INR 4,813 Cr 
  • EBITDA of INR 1150 Cr, increased by 27%
  • PAT at INR 653 Cr , increased by 23%

 

Financial Highlights Q4 FY24 (Standalone) Y-o-Y:

  • Revenue from Operations at INR 1,257 Cr 
  • EBITDA of INR 305 Cr, increased by 49%
  • PAT at INR 165 Cr , increased by 59%

Consolidated FY24 PAT: 

  • Consolidated PAT at INR 668 Cr, increased by 22%

Pan India Footprint - FY24 (With JV namely IOAGPL):

  • CNG Stations network of 903, added 170 New CNG Stations
  • Total PNG home at 9.76 lakh, added 1.31 new households on PNG
  • Industrial & Commercial connections increased to 9,142 added 1,112 new consumers
  • Completed ~ 21566 Inch Km of Steel Pipeline 

Key Business updates

Adani TotalEnergies E-mobility Limited (ATEL)

  • 606 EV charging points have been commissioned across 14 states 
  • Additional 1040+ EV charging points are under various stages of covering construction with EV fleets companies, Govt. Authorities, tourism departments municipal corporations etc.
  • With these, EV network will be spread across 23 states, 217 cities

Adani TotalEnergies Biomass Limited (ATBL)

  • Commissioned Phase-1 (225 Tonnes Per Day) of one of the India’s largest biomass plant in Barsana.
  • Won the tender conducted by Rajkot Municipal Corporation to Design Build Finance & Operate 250 TPD Municipal Solid Waste (MSW) based Bio CBG plant in Rajkot.

Ahmedabad, 30 April 2024: Adani Total Gas Ltd (“ATGL”), India’s leading City Gas Distribution company, announced today its operational and financial performance for the full year (FY24) and quarter ended 31st March 2024.


““FY24 has been a transformative year for ATGL. We delivered a robust operational and financial performance and achieved a 27% YoY EBITDA growth on the back of 15% volume growth,” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas.

“We are fully committed to India’s energy transition journey and continue to invest in creating world class infrastructure across our Geographical Areas (GAs) and diversifying into areas adjacent to our core CGD business. We are incubating new business opportunities in the areas of Compressed Biogas, EV Charging Infrastructure, and LNG for trucking and Mining (LTM). During the quarter, we commissioned the 1st phase of one of the India’s largest diversified feedstock-to-CBG plant at Barsana in Mathura and also expanded our E-Mobility footprint to 23 states. These, along with LTM are our next big growth drivers and we are steadily executing a sustainable business plan around these neo-opportunities,” he added .” 

 

Standalone Operational and Financial Highlights:


Particulars

UoM

FY24

FY23

% Change YoY

Q4 FY24

Q4 FY23

% Change YoY

Operational Performance

 

 

 

 

 

 

 

Sales Volume 

MMSCM

865

753

15%

232

193

20%

CNG Sales

MMSCM

557

459

21%

149

121

23%

PNG Sales 

MMSCM

308

294

5%

83

72

15%

Financial Performance

 

 

 

 

Revenue from Operations

INR Cr

4,813

4,683

3%

1,257

1,197

5%

Cost of Natural Gas

INR Cr

3,188

3,392

-6%

797

891

-11%

Gross Profit

INR Cr

1,626

1,292

26%

461

307

50%

EBITDA

INR Cr

1,150

907

27%

305

205

49%

Profit before Tax

INR Cr

882

716

23%

227

142

60%

Profit After Tax

INR Cr

653

530

23%

165

104

59%

Results Commentary FY24 (Y-o-Y)

 

  • CNG Volume increased by 21% Y-o-Y on account of network expansion across multiple Geographical Areas (GAs).
  • With recovery of PNG Industrial volume and addition of new PNG connection in domestic and commercial segments, PNG Volume has increased by 5% Y-o-Y
  • Although the overall volume has increased by 15% Y-o-Y, Revenue from operations has increased by 3% Y-o-Y. This was on account of the reduction in gas cost by 6% Y-o-Y due to easing of APM gas price and efficient gas sourcing. This helped ATGL pass on the benefit of lower gas price to consumers.
  • EBITDA has increased by 27% Y-o-Y on account of higher volume and opex optimization.

Capital & Leverage Position


ATGL has a healthy balance sheet with

  • Debt-to-Equity ratio at 0.41x
  • Net Debt to EBITDA is ratio 0.89x

Further, ATGL credit rating has been reaffirmed at AA- by ICRA with change in outlook to Stable from Negative


Key ESG Highlights


  • ATGL ranked 13th under Gas utilities with 80 percentile by S&P Global ESG rating
  • ATGL is now signatory to the United Nations Global Compact (UNGC)
  • Under Greenmosphere initiative, over 15600 students were trained across 58 schools
  • ATGL has Planted 2.7+ Lakh trees across multiple locations.

Awards & Accolades – FY24


  • Received Outstanding Commitment in Road Safety by FICCI
  • ATGL Corporate office awarded with IGBC “Gold” Certification by Indian Green Building Council
  • Awarded with Climate Action Programme (CAP) - Committed category by CII of CAP 2.0 awards program for its commitment towards climate change initiatives.
  • Won “Golden Peacock Award for HR Excellence” award 2023 for its HR best practices.

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