The city gas joint venture between the Adani Group and TotalEnergies, a major player in the French energy market, recorded a 21% increase in its consolidated net profit on Tuesday.
According to the company's stock market filing, the consolidated net profit for the January-March quarter was Rs 97.91 crore compared to Rs 81.09 crore net profits during the same time last year.
193 million standard cubic metres of sales volume represented a 2% increase.
The company sells CNG to autos and pipes natural gas to industry and domestic kitchens.
The business stated in a statement that the number of CNG stations has climbed to 460 with the installation of 126 additional outlets.
While the number of industrial and commercial connections increased to 7,435, the number of homes with piped cooking gas (PNG) increased by 1.24 lakh to 7.04 lakh.
Adani Total Gas Ltd. recorded a consolidated net profit of Rs 546 crore on revenues of Rs 4,683 crore for the whole 2022–23 fiscal year (April 2022–March 2023).
The company launched the first Compressed Bio-Gas (CBG) station in Varanasi, Uttar Pradesh, and installed 104 EV charging stations across 26 sites in India.
“Despite consistently high petrol prices throughout the year, ATGL has shown resiliency and provided an excellent overall performance on both the physical infrastructure and financial fronts.
According to Suresh P. Manglani, Executive Director & CEO of Adani Total Gas Ltd (ATGL), “The rapid development of steel pipeline and CNG stations has helped in creating a natural gas ecosystem in areas where we are present and will now help in connecting PNG consumers going forward.”
ATGL has entered the e-mobility and biogas markets via its SPVs in an effort to provide customers a larger selection of energy options.
“This SPVs will be creating over 3,000 EV charging points in the next 12 to 18 months and build one of the largest biogas plants in India in Uttar Pradesh, whose work is in full swing,” he added.
The business applauded the government's move to set a price cap on domestically generated gas, which is obtained by businesses like ATGL and converted into compressed natural gas (CNG) for sale to autos and piped into homes' kitchens (PNG).
This “will ensure stability in domestic petrol price,” the statement said.
According to the statement, the gas cost for municipal gas providers decreased as a result of the ceiling price, and ATGL passed these savings forward to end users. “We are confident that this will lead to increased demand across both the PNG and CNG segments, coupled with the softening of R-LNG prices, and ATGL will play a pivotal role in achieving government vision of moving towards gas-based economy,” said the company.