Adani Total Gas revenue up by 83 per cent in April-Dec 2021
Feb 02, 2022
New Delhi [India], February 3 : Adani Total Gas Ltd (ATGL), a city gas distribution major, reported an 83 per cent increase in revenue at Rs 2,141 crore from April to December 2021, the company announced on Wednesday.
The company reported a 28 per cent increase in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in its operational and financial performance for the third quarter and nine months which ended on December 31, 2021.
The revenue surge of 83 per cent in the nine-month (April-December) period of FY 22 is attributed to higher volume coupled with an increase in sales price. The EBITDA increased by 28 per cent was accounted due to strong operational performance.
For Q3 FY22, despite the significant increase in the R-LNG prices, APM gas price and lower allocation of APM gas, the company registered EBITDA of Rs 211 crore as against EBIDTA of Rs 222 crore during the corresponding quarter of the previous year.
In the first 9 months of FY22, on a year-on-year basis, the compressed natural gas volume has increased by 71 per cent on account of the addition of new CNG stations and strong recovery of economic activity while piped natural gas volume has increased by 26 per cent due to addition of new customers and recovery of economic activity.
"It is heartening to receive Letters of Intent (LOIs) from Petroleum and Natural Gas Regulatory Board (PNGRB) for winning 14 new geographical areas in the 11th round CGD," said Suresh P Manglani, CEO of Adani Total Gas.
"This makes ATGL India's leading CGD player and enables us to continue playing a key role in realising India's vision to enhance the share of natural gas in its energy basket from 7.6% to 15% by 2030," Manglani added.
In Q3 FY22, despite a significant increase in gas prices and lower allocation of APM gas, the company has added 43 new CNG stations, surpassed 5.3 lakh PNG home connections and was connecting to 5,453 PNG industrial and commercial consumers.
