Adani Total Gas revenue rises by 46 pc in FY23
May 02, 2023
New Delhi [India], May 2 : Adani Total Gas Ltd (ATGL) on Tuesday announced its operational and financial performance for the fourth quarter and full year ended March 31, 2023.
Among the major highlights in the media release was the 46 per cent growth in the company's revenue in FY23.
ATGL also said that it targets creating over 3000 EV charging points in the next 12-18 months and building one of India's largest Biogas plants in Uttar Pradesh.
As per the release, the revenue of operations for ATGL has reached 4,683 crores with an increase of 46 per cent. The EBITDA stands at Rs 907 crore, the profit before and after tax stand at Rs 716 crore and Rs 530 crore.
Among the other information, the ATGL said that its PNG consumers have crossed 7 lakh, CNG stations have risen to 460 and the Electric Vehicle (EV) charging points have increased to 104. The combined volume of CNG and PNG stood at 753 Million Metric Standard Cubic Meters (MMSCM) with an increase of 8 per cent. The industrial and commercial connections have increased to 7435 customers and the construction of a steel pipeline has reached 10880-inch km.
The first Compressed Bio-Gas (CBG) has been commissioned at Varanasi, Uttar Pradesh. The board has also approved the appointment of M/s Walker Chandiok and Company LLP as the new statutory auditor of the company, ATGL added.
The Executive Director and CEO of Adani Total Gas, Suresh P Manglani said in the release, "ATGL has shown resilience and delivered a good all-round performance both on physical infrastructure and financial front despite high gas prices throughout the year. The fast-track development of steel pipelines and CNG stations has helped in creating a natural gas ecosystem in geographical areas where we are present and will now help in connecting PNG consumers going forward. To provide wider energy offerings to consumers, ATGL, through its SPVs has forayed into E-mobility and Bio. These SPVs, in the next 12-18 months will be creating over 3,000 EV charging points and building one of India's largest Biogas plants in Uttar Pradesh, whose work is in full swing".
He added, "ATGL appreciates the Government of India's decision on approving the ceiling and floor price on domestic gas, which will ensure stability in domestic gas prices. Further, ATGL has passed on the benefit to the end consumers. We are confident that this, coupled with the softening of R-LNG prices, will drive increased demand across both PNG and CNG segments and ATGL will play a pivotal role in achieving government vision in moving towards a gas-based economy."
