Adani Total Gas announces H1 FY23 results

Ahmedabad (IANS) Adani Total Gas Ltd (ATGL), India’s leading City Gas Distribution company, announced its operational and financial performance for the half yearly and quarter ending on September 30, 2022.

“ATGL continued with full vigour and resilience in significantly augmenting and investing in creating backbone CGD infrastructure across all its Geographical Areas with crossing 6.25 lakh PNG Home Connections mark, crossing of 10,000 inch-km of steel pipeline, enhancing PNG supplies to 6,088 businesses/industries and enhancing CNG footprint to 367 stations,” said Suresh P. Manglani, CEO of Adani Total Gas.

“The CGD industry continues to face a challenging scenario with significantly higher input gas prices mainly due to geopolitical factors as well as supply shortages across the globe. In the face of such challenges, we have been able to maintain our EBITDA on half yearly basis due to growth in volume. We believe that these challenges are for the short term and that the infrastructure that we create is for generations to come as we continue to march with the nation on its journey towards a gas-based economy.”

As per the results, CNG Volume has increased by 40 per cent Y-o-Y on account of increased consumption along with network expansion of CNG stations.

PNG Volume has decreased by 3 per cent Y-o-Y due to curtailment of gas supplies from suppliers and high gas prices.

Increase of Revenue by 90 per cent on account of higher volume coupled with increase in sales price. Cost of gas increased by 170 per cent majorly on account of replacement of APM price with UBP price for CNG and Domestic PNG segment along with increase in R-LNG price which is procured for Industrial and Commercial segment.

In spite of high gas prices, ATGL adopted a calibrated pass through pricing strategy and as a result sustained its overall volume growth and EBITDA of Rs 464 crore on Y-o-Y basis.

ATGL continued its effort to have efficient gas sourcing to reduce the impact of volatility in gas price.

Leave a Reply

Your email address will not be published.