India’s leading City Gas Distribution (CGD) company Adani Total Gas Ltd (ATGL) on Monday announced its operational and financial performance for the quarter ended on June 30.
“It has been a good start for FY25 as ATGL delivered a robust operational and financial performance by achieving a 21% YoY EBITDA growth on the back of 17% volume growth,” said Suresh P Manglani, ED & CEO of Adani Total Gas.
“During the quarter, ATGL received approval from regulator for the transfer of Letter of Authorization for Jalandhar Geographical Area (GA) which provides high volume growth opportunity to the Company. We have also crossed a significant milestone of 1000+ EV charging points, reaching 1212 EV charging points across multiple locations.
“We continue to see more traction on natural gas as we further build CGD infrastructure and penetrate deeper across multiple GAs. With newer sustainable energy in form of E-mobilty, LNG and Biomass, we remain fully committed to provide a sustainable energy platform to our consumers and playing a leading role in the country’s energy transition journey.”
According to the Q1 results, the company’s CNG Volume increased by 20% Y-o-Y on account of network expansion across multiple Geographical Areas (GAs). With optimization of gas prices there has been a recovery in PNG Industrial volume and also with addition of new PNG connection in domestic and commercial segments, PNG Volume has increased by 11% Y-o-Y. EBITDA has increased by 21% Y-o-Y on account of higher volume. During the quarter, credit rating of ATGL has been upgraded to “ICRA AA” Stable from “ICRA AA-“ Stable.
Four sites are now facilitated by rainwater harvesting with target to become water neutral by 2030. Installed additional ~34 KW of solar capacity in this quarter, with total installed capacity reaching to 934 KW across multiple locations. Maintained 100% of Light Commercial Vehicles (520 Nos) on CNG. In the process of completing final certification audit for Zero Waste to landfill certification for 5 sites.
Given its gas distribution, ATGL is authorised in 34 Geographical Areas and plays a significant role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 53 GAs, 34 are owned by ATGL and the balance 19 GAs are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited.
Further, ATGL has formed 2 wholly owned subsidiaries namely Adani TotalEnergies E-Mobility Ltd (ATEL) and Adani TotalEnergies Biomass Ltd (ATBL) for its E-Mobility and Biomass Business respectively. ATGL has also formed a 50:50 joint venture, namely Smart Meter Technologies Private Limited for its gas meter manufacturing business.
Also Read:
