FY24 & Q4 Results: Adani Total Gas shows Steady Growth

Adani Total Gas Ltd (ATGL), a leading City Gas Distribution (CGD) company in India, disclosed its operational and financial achievements for the fiscal year (FY24) and the quarter ending March 31, 2024. Suresh P Manglani, ED & CEO of Adani Total Gas, remarked, "FY24 has been a pivotal year for ATGL, marked by robust operational and financial performance, with a 27% YoY EBITDA growth driven by a 15% volume surge."

Emphasizing their commitment to India's energy transition journey, Manglani highlighted investments in world-class infrastructure across Geographical Areas (GAs) and diversification into areas like Compressed Biogas, EV Charging Infrastructure, and LNG for trucking and Mining (LTM). "We have commissioned the first phase of one of India's largest diversified feedstock-to-CBG plant at Barsana in Mathura and expanded our E-Mobility footprint to 23 states. These, along with LTM, are our next big growth drivers," he added.

FY24 Results Overview

• CNG Volume soared by 21% Y-o-Y due to network expansion across GAs.

• Recovery of PNG Industrial volume and addition of new PNG connections in domestic and commercial segments led to a 5% Y-o-Y increase in PNG Volume.

• Despite a 15% Y-o-Y rise in overall volume, Revenue from operations saw a 3% Y-o-Y increase, attributed to a 6% Y-o-Y reduction in gas cost and efficient gas sourcing.

• EBITDA surged by 27% Y-o-Y, driven by higher volume and opex optimization.

Capital & Leverage Position

• ATGL maintains a healthy balance sheet with a Debt-to-Equity ratio at 0.41x.

• Net Debt to EBITDA ratio stands at 0.89x.

• ICRA reaffirmed ATGL's credit rating at AA- with the outlook revised to Stable from Negative.

Key ESG Highlights

• S&P Global ESG rating ranked ATGL 13th under Gas utilities with 80 percentile.

• ATGL signed the United Nations Global Compact (UNGC).

• Over 15,600 students were trained across 58 schools under the Greenmosphere initiative.

• ATGL planted over 2.7 lakh trees across multiple locations.

Awards & Accolades – FY24

• Recognized for Outstanding Commitment in Road Safety by FICCI.

• ATGL Corporate office awarded the IGBC "Gold" Certification by Indian Green Building Council.

• Awarded Climate Action Programme (CAP) - Committed category by CII.

• Received the "Golden Peacock Award for HR Excellence" for HR best practices in 2023.

ATGL, with its gas distribution, holds authorization in 33 Geographical Areas, contributing significantly to enhancing the share of natural gas in India's energy mix. Additionally, ATGL has formed subsidiaries like Adani TotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for E-Mobility and Biomass Business respectively. Furthermore, it has a 50:50 joint venture named Smart Meter Technologies Private Limited for its gas meter manufacturing business.