Adani Total Gas reports 71% y-o-y growth in Q4FY24 net profit at Rs 168 crore

2 May 2024 , 11:06 AM

Adani Total Gas on Tuesday reported a 71% year-on-year (YoY) increase in its consolidated net profit to Rs 168 crore for the March quarter. It was Rs 98 crore one year ago. 

Revenue from operations increased 5% year on year to Rs 1,258 crore in January-March, compared to Rs 1,197 crore in the same period previous year.

The board has recommended a dividend of Rs 0.25 per share for the fiscal year 2023-24, subject to approval by the company’s shareholders.

The corporation has set June 14 as the record date for determining shareholders’ eligibility. The dividend, if authorised by shareholders, will be paid on or after June 25.

Suresh P Manglani, ED & CEO of Adani Total Gas, described FY24 as a pivotal year for ATGL. He noted that they achieved strong operational and financial results, with a notable 27% year-on-year increase in EBITDA driven by a 15% volume growth.

During the quarter, the business launched the first phase of one of India’s largest varied feedstock-to-CBG plants in Barsana, Mathura, and increased its e-mobility reach to 23 states.

These, together with LTM, are the company’s next major growth drivers, and it is methodically executing a sustainable business plan based on these neo-opportunities.

Operationally, CNG volumes increased by 21% year on year in FY24 due to network expansion across different Geographical Areas. PNG volume has increased by 5% year on year due to the recovery of PNG industrial traffic and the addition of new PNG connections in the household and commercial segments.

Although overall volume climbed by 15% year on year, operating revenue increased by 3%. This was owing to a 6% drop in gas costs year on year as a result of lower APM gas prices and more efficient gas procurement. This allowed ATGL to pass on the benefits of decreasing petrol prices to customers.

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