Adani Total Gas records PAT of Rs 160 cr in Q2 FY23

Adani Total Gas' consolidated net profit rose 1.2% to Rs 160.02 crore on 72.1% jump in revenue from operations to Rs 1,115.50 crore in Q2 FY23 over Q2 FY22.

Consolidated profit before tax dropped 12% to Rs 187.53 crore in Q2 FY23 from Rs 213.09 crore recorded in the same period a year ago.

On standalone basis, the company's net profit slipped 12.3% to Rs 139.34 crore despite of 72.1% surge in net sales to Rs 1,115.50 crore in Q2 FY23 over Q2 FY22.

EBITDA declined 4% to Rs 236 crore in Q2 FY23 over Rs 246 crore posted in the corresponding quarter previous year.

Total expenses surged 107.25% year on year to Rs 1,012.90 crore in quarter ended 30 September 2022. Cost of natural gas and traded items was at Rs 774.67 crore (up 137.53% YoY) and employee expenses stood at Rs 13.91 crore (up 16.79% YoY).

The total sales volume grew 9% to 191 Million Metric Standard Cubic Meter (MMSCM) in Q2 FY23 as against 175 MMSCM in Q2 FY22. Compressed natural gas (CNG) Sales jumped 25% to 113 MMSCM in Q2 FY23 as compared to 91 MMSCM in reported Q2 FY22. Piped natural gas (PNG) Sales fell 8% to 77 MMSCM in Q2 FY23over 84 MMSCM posted in the same period last year.

Suresh P Manglani, CEO of Adani Total Gas, said, ATGL continued with full vigour and resilience in significantly augmenting and investing in creating backbone city gas distribution (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.

He further added, 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.

Adani Total Gas is one of India's leading private players in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.

Shares of Adani Total Gas declined 0.64% to Rs 3,631.65 on the BSE.

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