Adani Total Gas Ltd. revealed on Tuesday that its consolidated net profit for the December quarter increased by 18% year over year (YoY) to Rs 177 crore from Rs 150 crore in the corresponding quarter of the previous year. Operating revenue increased 4.89 percent YoY to Rs 1,244 crore from Rs 1,186 crore in the corresponding quarter of the previous year. EBITDA for the quarter was Rs 300 crore, up 26% YoY from Rs 238 crore in the corresponding period of the previous year.
Through the development of CGD infrastructure and the utilization of opportunities in the fields of LNG for Transport & Mining (LTM), biomass, and e-mobility, ATGL has once again produced a double-digit growth in volumes of 13% Y-o-Y over a period of nine months. In just nine months, EBIDTA increased by 20% year over year thanks to a surge in volume, effective gas sourcing, and a careful eye on operating expenses, according to ED & CEO Suresh P. Manglani. According to Manglani, Adani Total Gas is currently prioritizing infrastructure development across all regions in order to facilitate simple access to natural gas in the form of PNG and CNG.
Important Business Updates
According to Adani Total Gas, 329 EV charging stations have been put into service in 10 states and 46 cities under the Adani TotalEnergies E-mobility Limited (ATEL) umbrella. According to the company, more than 1050 EV charging stations are currently being built. Additionally, more than 300 EV charging stations will be built in five cities through city municipal corporations, and more than 750 EV charging stations will be partnered with various entities in multiple cities. These entities include different EV fleet companies, government agencies, and various tourism departments, among others.
"These EV networks will be spread across 20 states and 130 cities," it said.
Regarding Adani TotalEnergies Biomass Limited (ATBL), ATBL anticipates commissioning Phase-1 (225 Tonnes Per Day) of the country's largest 600 TPD biomass facility at Barsana by the end of March 2024.
The statement read, "The 500 TPD municipal solid waste project, which was awarded by Ahmedabad Municipal Corporation, has already started its preliminary work. LNG for Mining and Transportation (LTM). In order to take advantage of the LNG market as a transportation fuel, ATGL is constructing its first LNG retail outlet in Dahej, Gujarat, which is scheduled to open for business by July 2024. ATGL has devised a plan to establish an LNG station network at several key locations throughout India."
