Revenue from operations declined 1.03% to Rs 1,178.08 crore in Q2 FY24 from Rs 1,190.37 crore posted in corresponding quarter last year.

The company said that the revenue has remained flat as there was reduction in gas cost due to revised pricing formula approved by Government of India with effect from 8 April 2023 which ATGL passed on the benefit to its consumers, resulting in decrease in sales price.

Profit before tax stood at Rs 225.01 crore in the September quarter, up 20% from Rs 187.54 crore recorded in the same period last year.

EBITDA grew 23% to Rs 290 crore in the second quarter of FY24 as compared with Rs 236 crore reported in Q2 FY23, on account of higher volume and balanced price strategy.

The total sales volume rose 10% to 211 million metric standard cubic meter (MMSCM) in Q2 FY24 as against 190 MMSCM reported in Q2 FY23. Compressed natural gas (CNG) sales jumped 20% to 136 MMSCM in Q2 FY24 as compared to 113 MMSCM in posted Q2 FY23. However, piped natural gas (PNG) sales declined 3% to 75 MMSCM in Q2 FY23 over 77 MMSCM recorded in the similar quarter last year.

CNG volumes improved on account of the reduction in CNG prices along with network expansion of CNG stations. On the other hand, the dip in PNG volume was due to lower offtake by industrial consumers due to lower alternative fuel prices.

In spite of increase in volume, the cost of gas has decreased by 5% on account of implementation of new domestic gas price approved by the Government of India along with softening of R-LNG prices.

Suresh P Manglani, ED & CEO of Adani Total Gas, said, “ATGL has shown continuance of all round strong performance in our core CGD business. The volumes have increased by 9% during the first half year of this financial year resulting in an increase of EBITDA by 17% to Rs 545 crore. The company is continuing its focus on building PNG and CNG infrastructure across all its geographical areas to extend easy access of PNG and CNG giving boost to adaptation of natural gas as a fuel of their choice by the large numbers of PNG and CNG consumers.

“ATGL has also made significant progress on e-mobility and biomass businesses. In e-mobility business, charging points have now increased to 221 charging points across 64 locations and we soon intend to reach to 3000 charging points. In biomass business, we have won 500 tons per day (TPD) Municipal Solid Waste (MSW) based biogas project in Ahmedabad in this quarter and we continue to explore many such opportunities across India. We are striving to commission phase 1 of our Barsana Compressed Bio Gas (CBG) plant in this financial year.”

Adani Total Gas is one of India's leading private players in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.

Shares of Adani Total Gas were down 0.20% to Rs 563.65 on the BSE.