Revenue from operations rose 5% year-on-year (YoY) to Rs 1,244 crore in the October-December period compared with Rs 1,185 crore in the same period last year.
The company reported an EBITDA of Rs 288 crore for the quarter ended December, a 25% YoY jump. Meanwhile, margins improved by 411 basis points to 24.9%.
For the nine months ended December 2023, CNG volumes increased 21% YoY on account of the reduction in CNG prices along with the network expansion of CNG stations.
With the recovery of PNG Industrial Volume and the addition of new PNG connections in domestic and commercial, PNG volumes rose 1% in the same period.
With the expansion of CGD infrastructure, together with ceasing opportunity in the areas of e-mobility, biomass, and LNG for transport and mining (LTM), the company has delivered a double-digit growth in volumes of 13% YoY on a nine-months basis.
Despite double-digit volume growth, revenue from operations has increased just 2% in 9MFY24, due to a reduction in gas cost as the company passed on the benefit of APM gas price reduction to consumers which resulted in lower sales. EBITDA jumped 20% YoY in 9MFY24 due to higher volumes and a balanced price strategy.
The CNG stations now increased to 505, with 45 new additions during the quarter. Meanwhile, industrial and commercial connections increased to 8,071 with 636 new consumers.
The company boasts of a combined CNG and PNG volume of 633 MMSCM, an increase of 13% in the nine months ended December period.
“The company’s present priority is to focus on providing easy access to natural gas in the form of PNG and CNG by fast-tracking the infrastructure development in all our geographical areas,” said Suresh P Manglani, ED & CEO of Adani Total Gas.
On Tuesday, Adani Total Gas shares closed 0.79% lower at Rs 1,027.50 on NSE.
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