Adani Total Gas reports 80% rise in revenue at Rs 3,206 crore in FY22

Ahmedabad, May 4, 2022

Adani Total Gas Ltd (ATGL), one of India's leading city gas distribution companies, today reported an 80 per cent increase in its revenue from operations during the financial year ended March 31, 2022 (FY22) to Rs 3,206 crore on a year-on-year (YoY) basis.

Announcing its financial results for FY 22, the company said it had recorded EBITDA of Rs 815 crore, up by 9% over last year.

In a press release, the company reported Profit Before Tax (PBT) of Rs 679 crore, up 8%, Profit After Tax (PAT) of Rs 505 crore, an increase of 7%, and consolidated PAT of Rs 510 crore, higher by 10%.

The release said compressed natural gas (CNG) volume had increased by 58% due to addition of new CNG stations and strong recovery of economic activity in the country.

Piped natural gas (PNG) volume had gone up by 17% due to addition of new customers as well as recovery of economic activities.

The company attributed the 80% increase in its revenue to higher volumes coupled with increase in sales price. It said EBITDA had increased by 9% on account of strong operational performance.

For Q4 FY22, despite significant increase in the R-LNG prices, volume curtailment by gas suppliers to ATGL, APM gas price revision effective from October 1, 2021 and lower allocation of APM gas, the company registered EBITDA of Rs 141 crore as against Rs 224 crore during the corresponding quarter of the previous year.

"As a result of volume curtailment by our gas suppliers, ATGL has also consequently calibrated its supplies to industrial consumers," it said.

“In spite of challenging global circumstances with gas prices at an all-time high, local constraints on the supply of R-LNG and a shortfall in APM gas, Team ATGL has once again delivered a resilient performance both by adding 117 CNG stations and by generating our highest annual consolidated PAT of Rs 510 crore,” said Suresh P Manglani, CEO of Adani Total Gas.

“The award of 14 new Geographical Areas expands ATGL’s coverage to 124 districts touching 14% of the population. This will aid in taking the momentum further forward of building city gas distribution infrastructure on a pan-India basis and provide ATGL the opportunity to serve a larger consumer base in the coming years. Further, as part of a dedicated business strategy, the board has approved the formation of two separate SPVs for E-Mobility and Bio businesses. This will be immensely advantageous considering that ATGL and its promoters have a strong infrastructure and utility presence across India," he said.

Of the 52 Geographical Areas, 33 are owned by ATGL and the remaining 19 are owned by by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between ATGL and the public sector Indian Oil Corporation Limited.

With thhe 117 new stations added during the year, the company's total CNG stations have increased to 334. The ATGL footprint has increased to 550 CNG stations along with IOAGPL.

It added 85,840 new connections during the year, taking the total PNG home connections to 5.64 lakh. Industrial and commercial connections increased to 5,676 with 710 new connections.

The company completed 5,284 inch km of steel pipeline in new GAs allotted in 9th and 10th rounds.

The company registered an increase of 35% in its combined CNG and PNG volumes.

NNN