Capitaline

Results 03-Nov-22

Analysis

Adani Total Gas

OPM down by 1540 bps to 20.3%

Adani Total Gas consolidated net sales increased 72.09% to Rs 1115.5 crore in Q2FY23 compared to Q2FY22 on account of higher volume coupled with increase in sales price. Operating profit margin has declined from 35.70% to 20.28%, leading to 2.26% decline in operating profit to Rs 226.21 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.24% to 70.10%. Employee cost decreased from 1.83% to 1.26%. Other expenses fell from 12.28% to 8.17%.

CNG Volume has increased by 40% Y-o-Y on account of increase consumption along with network expansion of CNG stations. PNG Volume has decreased by 3% Y-o-Y due to curtailment of gas supplies from suppliers and high gas prices.

Cost of gas increased by 170% majorly on account of replacement of APM price with UBP price for CNG and Domestic PNG segment along with increase in R-LNG price which is procured for industrial and commercial segment.

Other income fell 33.07% to Rs 10.06 crore. PBIDT fell 4.13% to Rs 236.27 crore. Provision for interest rose 67.93% to Rs 21.31 crore.

PBDT fell 8.05% to Rs 214.96 crore. Provision for depreciation rose 32.64% to Rs 27.43 crore.

Profit before tax down 11.99% to Rs 187.53 crore. Provision for tax was expense of Rs 48.2 crore, compared to Rs 54.2 crore. Effective tax rate was 23.15% compared to 25.53%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.20% to Rs 160.02 crore.

Equity capital stood at Rs 109.98 crore as of 30 September 2022 to Rs 109.98 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 74.80% as of 30 September 2022 compared to 74.80% as of 30 September 2021.

“ATGL continued with full vigour and resilience in significantly augmenting and investing in creating backbone CGD infrastructure across all its Geographical Areas with crossing 6.25 lakh PNG Home Connections mark, crossing of 10,000 inch-km of steel pipeline, enhancing PNG supplies to 6,088 businesses/industries and enhancing CNG footprint to 367 stations,” said Mr Suresh P Manglani, CEO of Adani Total Gas. “The CGD industry continues to face a challenging scenario with significantly higher input gas prices mainly due to geopolitical factors as well as supply shortages across the globe. In the face of such challenges, we have been able to maintain our EBITDA on half yearly basis due to growth in volume. We believe that these challenges are for the short term and that the infrastructure that we create is for generations to come as we continue to march with the nation on its journey towards a gas-based economy.”

For year-to-date (YTD) results analysis

Net sales of Adani Total Gas have increased 88.87% to Rs 2157.85 crore.

Operating profit margin has declined from 38.38% to 20.61%, leading to 1.42% rise in operating profit to Rs 444.76 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 47.47% to 69.52%. Employee cost decreased from 2.07% to 1.14%. Other expenses fell from 12.11% to 8.67%.

Other income fell 17.58% to Rs 19.17 crore. PBIDT rose 0.46% to Rs 463.93 crore.

PBDT fell 3.17% to Rs 423.92 crore. Provision for depreciation rose 30.33% to Rs 51.18 crore.

Profit before tax down 6.48% to Rs 372.74 crore. Share of profit/loss was 522.29% higher at Rs 21.22 crore. Provision for tax was expense of Rs 95.57 crore, compared to Rs 101.26 crore. Effective tax rate was 24.26% compared to 25.19%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 0.77% to Rs 298.39 crore.

Equity capital stood at Rs 109.98 crore as of 30 September 2022 to Rs 109.98 crore as of 30 September 2021. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 74.80% as of 30 September 2022 ,compared to 74.80% as of 30 September 2021 .

Full year results analysis

Net sales of Adani Total Gas have increased 79.16% to Rs 3037.81 crore. Operating profit margin has declined from 41.54% to 25.45%, leading to 9.75% rise in operating profit to Rs 773.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.42% to 63.63%. Employee cost decreased from 3.04% to 1.80%. Other expenses fell from 10.03% to 9.20%.

Other income fell 6.45% to Rs 41.5 crore. PBIDT rose 8.79% to Rs 814.5 crore. Provision for interest rose 30.26% to Rs 52.73 crore. Loan funds rose to Rs 1,035.16 crore as of 31 March 2022 from Rs 529.12 crore as of 31 March 2021. Inventories rose to Rs 76.78 crore as of 31 March 2022 from Rs 52.01 crore as of 31 March 2021. Sundry debtors were higher at Rs 186.55 crore as of 31 March 2022 compared to Rs 103.68 crore as of 31 March 2021. Cash and bank balance rose to Rs 34.32 crore as of 31 March 2022 from Rs 10.87 crore as of 31 March 2021. Investments rose to Rs 633.92 crore as of 31 March 2022 from Rs 417.33 crore as of 31 March 2021

PBDT rose 7.56% to Rs 761.77 crore. Provision for depreciation rose 32.33% to Rs 82.73 crore. Fixed assets increased to Rs 2,878.01 crore as of 31 March 2022 from Rs 2,050.29 crore as of 31 March 2021. Intangible assets stood at Rs 25.49 crore.

Profit before tax grew 5.17% to Rs 679.04 crore. Provision for tax was expense of Rs 174.38 crore, compared to Rs 159.26 crore. Effective tax rate was 25.50% compared to 25.60%.

Net profit attributable to owners of the company increased 10.06% to Rs 509.40 crore.

Equity capital stood at Rs 109.98 crore as of 31 March 2022 to Rs 109.98 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 74.80% as of 31 March 2022 compared to 74.80% as of 31 March 2021 .

Cash flow from operating activities increased to Rs 735.72 crore for year ended March 2022 from Rs 653.50 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 950.61 crore, compared to Rs 606.43 crore during the year ended March 2021.

The scrip trades at Rs 3655

Adani Total Gas : Consolidated Results
Particulars	2209 (03)	2109 (03)	Var.(%)	2209 (06)	2109 (06)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	1,115.50	648.19	72	2,157.85	1,142.52	89	3,037.81	1,695.60	79
OPM (%)	20.3	35.7		20.6	38.4		25.5	41.5
OP	226.21	231.43	-2	444.76	438.54	1	773	704.32	10
Other Inc.	10.06	15.03	-33	19.17	23.26	-18	41.5	44.36	-6
PBIDT	236.27	246.46	-4	463.93	461.8	0	814.5	748.68	9
Interest	21.31	12.69	68	40.01	23.98	67	52.73	40.48	30
PBDT	214.96	233.77	-8	423.92	437.82	-3	761.77	708.2	8
Depreciation	27.43	20.68	33	51.18	39.27	30	82.73	62.52	32
PBT	187.53	213.09	-12	372.74	398.55	-6	679.04	645.68	5
Share of Profit/(Loss) from Associates	20.69	-0.77	LP	21.22	3.41	522	4.74	-9.13	LP
PBT before EO	208.22	212.32	-2	393.96	401.96	-2	683.78	636.55	7
EO Income	0	0	-	0	0	-	0	-14.47	-
PBT after EO	208.22	212.32	-2	393.96	401.96	-2	683.78	622.08	10
Taxation	48.2	54.2	-11	95.57	101.26	-6	174.38	159.26	9
PAT	160.02	158.12	1	298.39	300.7	-1	509.4	462.82	10
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	160.02	158.12	1	298.39	300.7	-1	509.4	462.82	10
EPS (Rs)*	#	#		#	#		4.6	4.3
Notes
* EPS is on current equity of Rs 109.98 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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