Adani Total Gas Ltd (ATGL), a joint venture between India’s Adani Group and French energy giant TotalEnergies, reported a 6% increase in its net profit for the second quarter of the 2024-25 financial year, despite higher gas prices impacting overall gains. The company posted a net profit of Rs 178 crore for the July-September quarter, up from Rs 168 crore in the same period last year.
Revenue from operations rose by 12% to Rs 1,315 crore, driven by higher sales volumes and improved realisation, the company stated. Compressed natural gas (CNG) volumes saw a 19% year-on-year increase, reaching 162 million standard cubic metres, largely due to the expansion of the company’s network across various regions. Sales of piped natural gas (PNG) also increased by 7%, totalling 80 million standard cubic metres.
“With the stabilisation of gas prices, we have seen increased consumption of PNG in the industrial sector. The addition of new connections in domestic and commercial segments has further contributed to the 7% year-on-year growth in PNG volumes,” the company said in a statement. Overall, ATGL’s total gas volume grew by 15% during the quarter.
Despite the higher volumes, the cost of natural gas increased by 12%, owing to a balanced gas portfolio spread across multiple indices. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 8% to Rs 313 crore, supported by infrastructure expansion and improved operational efficiency.
ATGL CEO Suresh P Manglani said, “ATGL has delivered a robust operational and financial performance this quarter. Our business is aligned with India’s energy transition goals, as we continue to provide cleaner and greener energy solutions to our consumers. We now supply uninterrupted piped natural gas to over 900,000 customers through our extensive network.”
Manglani also highlighted the company’s progress in the transportation segment, with the commissioning of its first liquefied natural gas (LNG) station, further contributing to India’s decarbonisation efforts.
In response to the recent reduction in allocation of APM gas—primarily used for auto CNG and domestic PNG—by 16% effective from 16th October 2024, ATGL said it is closely monitoring the situation. Manglani reassured that the company’s diversified gas sourcing portfolio would allow for a balanced pricing strategy to protect consumer interests.
“While the reduction in APM gas allocation may affect profitability going forward, we are actively reviewing the situation and will adjust our retail prices accordingly to mitigate the impact. We are also exploring opportunities to secure competitively priced gas to ensure an uninterrupted supply,” Manglani added.
In September, ATGL secured $375 million in financing, the largest-ever funding in India’s city gas distribution sector, to accelerate the development of its infrastructure. Additionally, Adani TotalEnergies E-mobility Limited (ATEL) now operates 1,486 electric vehicle charging points across 213 cities, further contributing to the company’s clean energy initiatives.
