Revenue from operations (excluding excise duty) rose 4.61% year on year (YoY) to Rs 1,165.95 crore in the quarter ended 31 March 2024.

Profit before tax stood at Rs 226.65 crore in the March quarter, up 59.55% from Rs 142.06 crore recorded in the same period last year.

EBITDA climbed 49% to Rs 305 crore in the fourth quarter of FY24 as compared with Rs 205 crore reported in Q4 FY23.

The total sales volume increased 20% to 232 million metric standard cubic meter (MMSCM) in Q4 FY24 as against 193 MMSCM reported in Q4 FY23.

Compressed natural gas (CNG) sales grew 23% to 149 MMSCM in Q4 FY24 as compared to 121 MMSCM posted in Q4 FY23. While, piped natural gas (PNG) sales grew 15% to 83 MMSCM in Q4 FY24 over 72 MMSCM recorded in the similar quarter last year.

On full year basis, the company’s net profit rose 23.27% to Rs 653.10 crore on 2.14% increase in revenue to Rs 4,471.73 crore in FY24 over FY23. The revenue grew on the back of the reduction in gas cost by 6% YoY due to easing of APM gas price and efficient gas sourcing. This helped ATGL pass on the benefit of lower gas price to consumers.

For FY24, CNG volume increased by 21% YoY on account of network expansion across multiple geographical areas (GAs). With recovery of PNG Industrial volume and addition of new PNG connection in domestic and commercial segments, PNG volume has increased by 5% YoY in FY24. Although the overall volume has increased by 15% YoY.

Suresh P Manglani, ED & CEO of Adani Total Gas said, “We are fully committed to India’s energy transition journey and continue to invest in creating world class infrastructure across our geographical areas (GAs) and diversifying into areas adjacent to our core CGD business. We are incubating new business opportunities in the areas of compressed biogas, EV charging infrastructure, and LNG for trucking and mining (LTM).

During the quarter, we commissioned the 1st phase of one of the India’s largest diversified feedstock-to-CBG plant at Barsana in Mathura and also expanded our E-Mobility footprint to 23 states. These, along with LTM are our next big growth drivers and we are steadily executing a sustainable business plan around these neo-opportunities.”

Meanwhile, the company’s board has recommended a dividend of Re 0.25 for the FY24, subject to approval of shareholders. The record date is set on Friday, 14 June 2024 and the dividend, if declared, will be paid on or after 25 June 2024.

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 rose 0.72% to Rs 935.75 on the BSE.