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1 Nov 2023 , 11:48 AM

Adani Total Gas (ATG) saw a 1 % increase in its share price, reaching the day’s high at Rs 570 per share on November 1, following the company’s robust performance in the July-September quarter of fiscal year 2023-24 (Q2FY24).

The company reported a consolidated net profit of Rs 173 crore for Q2FY24, marking an 8 % year-on-year growth. Over the last three months, the stock had declined by 15 %, in contrast to a 4 % slump in the benchmark Sensex.

ATG’s revenue from operations in Q2FY24 remained flat year-on-year at Rs 1,178 crore, primarily due to reduced gas costs following the government’s revised pricing formula.

ATG’s earnings before interest, tax, depreciation, and amortization (Ebitda) increased by 23 % year-on-year in Q2FY24, attributed to higher volumes and a balanced pricing strategy.

Notably, CNG volumes surged by 19 % year-on-year due to reduced CNG prices and the expansion of CNG stations, while PNG volumes declined by 5 % year-on-year, mainly because of lower offtake by industrial consumers in the context of more competitive alternative fuel prices.

Despite the rise in volumes, the cost of gas decreased by 5 % due to new domestic prices approved by the government.

Earlier, the company secured a tender from the Ahmedabad Municipal Corporation for a Municipal Solid Waste (MSW) based bio Compressed Biogas (CBG) plant in Ahmedabad.

Adani TotalEnergies e-Mobility (ATEL), a wholly-owned subsidiary, partnered with various stakeholders to develop and install EV charging facilities across India, with 221 EV charging points commissioned at 64 locations.

Another wholly-owned subsidiary, Adani TotalEnergies Biomass (ATBL), is actively constructing one of India’s largest CBG plants in Barsana, Uttar Pradesh, with the sourcing of necessary feedstock already underway.

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