Adani Total Gas Reports Strong Growth in Operational and Financial Performance for FY24

Adani Total Gas Ltd. has unveiled its operational and financial performance for the full year (FY24) and the quarter ended 31st March 2024, showcasing growth and strategic expansion initiatives.

In terms of operational highlights for FY24 on a standalone basis, ATGL saw significant progress across various segments. The company expanded its network of CNG Stations to 547, adding 91 new stations. The total number of Piped Natural Gas (PNG) connections to households reached 8.20 lakh, with an addition of 1.16 lakh new households. 

The industrial and commercial connections increased to 8,331, with 896 new consumers added. ATGL completed approximately 12,023 Inch Km of Steel Pipeline, reinforcing its commitment to enhancing infrastructure. The combined volume of CNG and PNG stood at 865 MMSCM, marking a substantial 15 percent increase year-on-year.

Financially, ATGL reported robust growth in revenue from operations, EBITDA, and Profit After Tax (PAT) for both FY24 and Q4FY24 on a standalone basis. Revenue from operations for FY24 stood at INR 4,813 Cr, with EBITDA reaching INR 1150 Cr, reflecting a notable 27 percent increase. PAT for FY24 amounted to INR 653 Cr, marking a 23 percent growth. 

In Q4FY24, revenue from operations stood at INR 1,257 Cr, with EBITDA at INR 305 Cr, registering a 49 percent increase. PAT for Q4FY24 amounted to INR 165 Cr, demonstrating a 59 percent growth. Additionally, the consolidated PAT for FY24 reached INR 668 Cr, reflecting a 22 percent increase.

Suresh P Manglani, ED and CEO of Adani Total Gas, expressed satisfaction with the company's performance, stating, “FY24 has been a transformative year for ATGL. We delivered a robust operational and financial performance and achieved a 27 percent YoY EBITDA growth on the back of 15 percent volume growth.”

Highlighting the company's commitment to India's energy transition journey, Manglani emphasized ATGL's investments in creating world-class infrastructure and diversifying into adjacent areas of its core CGD business. 

"We are incubating new business opportunities in the areas of Compressed Biogas, EV Charging Infrastructure, and LNG for trucking and Mining (LTM). During the quarter, we commissioned the 1st phase of one of India’s largest diversified feedstock-to-CBG plant at Barsana in Mathura and also expanded our E-Mobility footprint to 23 states. These, along with LTM are our next big growth drivers and we are steadily executing a sustainable business plan around these neo-opportunities,” he added.