Adani Total Gas Q2 Results: Cons PAT rises 8% YoY to Rs 173 crore, revenue drops 1%

MUMBAI - Adani Total Gas on Tuesday reported a nearly 8% year-on-year (YoY) growth in consolidated net profit for the quarter ended September 2023 to Rs 173 crore.

Consolidated revenue from operations, though, declined by 1% on year to Rs 1,179 crore.

Total expenses in the quarter were Rs 964 crore, compared with Rs 1,013 crore a year ago.


The share of profit from joint ventures reduced considerably during the quarter, coming at Rs 5.7 crore, compared with Rs 21 crore a year ago.

H1 Performance
During the six months ended September, CNG volumes increased by 19% YoY on account of a reduction in CNG prices, along with network expansion of CNG stations, the company said.

PNG volumes, on the contrary, decreased by 5% due to lower offtake by industrial consumers amid lower alternative fuel prices.

The revenue from operations was flat due to a reduction in gas cost following the revised pricing formula approved by the government, which Adani Total passed on by reducing prices.

In spite of an increase in volume, the cost of gas decreased by 5% on account of the implementation of new domestic gas prices, along with the softening of R-LNG prices.

EBITDA increased by 17% on account of higher volume and a balanced price strategy.

“The company is continuing its focus on building PNG and CNG infrastructure across all its geographical areas to extend easy access to PNG and CNG giving a boost to the adaptation of natural gas as a fuel of their choice by the large numbers of PNG and CNG consumers,” said Suresh P Manglani, ED & CEO of Adani Total Gas.

The company is focussing on commissioning phase 1 of the Barsana Compressed BioGas (CBG) plant in the current financial year.

In the six months ended September, Adani Total added 23 new CNG stations and added 51,801 new homes in the PNG network.

Ahead of the earnings, shares of the Adani Group company ended 0.1% higher on the National Stock Exchange at Rs 564.30.