Adani Total Gas Q3FY24 results: Net profit rises 18% to Rs 176.64 crore

Adani Total Gas (ATGL) reported an 18 per cent rise in its consolidated profit for the December 2023 ended quarter (Q3FY24) at Rs 176.64 crore on the back of increased volumes. However, revenue witnessed modest growth owing to lower gas prices, the company said.

Revenue from operations stood at Rs 1,244 crore, up 5 per cent on a year-on-year (Y-o-Y) basis. Sequentially, profit for the company rose 2 per cent and revenue from operations grew 6 per cent on a year-on-year basis.

Gas sale volume for Q3 FY24, the company said, was up 21 per cent Y-o-Y to 224 million metric standard cubic meters (MMSCM), while the cost of natural gas dipped 4 per cent Y-o-Y.

Earnings before interest, taxation, depreciation, and amortisation (Ebitda) for the quarter under review, the company noted, was at Rs 301 crore, up 26 per cent from a year ago.

In an update on its ongoing projects, the company said the first phase (225 tonnes per day) of its planned 600 TPD biomass plant in Barsana is expected to be commissioned by March this year. In the LNG for Transport & Mining (LTM) segment, the company plans to commission its first LNG Retail Outlet in Dahej, Gujarat, by July this year.

In its press statement for the nine-month period ending December 2023, the company said, although the overall volume has increased by 13 per cent Y-o-Y, revenue from operations has increased by 2 per cent due to a reduction in gas cost, especially Administered Pricing Mechanism (APM) gas, as ATGL passed on the benefit of APM gas price reduction to consumers, resulting in a lower sales price. Similarly, the company said the rise in Ebitda was on account of higher volume and a balanced price strategy.