Capitaline

Results 05-May-22

Analysis

Adani Total Gas

OP down 36%

Adani Total Gas consolidated net sales increased 73.15% to Rs 1012.02 crore in Q4FY22 compared to Q4FY21. Operating profit margin has declined from 35.02% to 12.96%, leading to 35.93% decline in operating profit to Rs 131.14 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.73% to 77.30%. Employee cost decreased from 2.49% to 1.76%. Other expenses fell from 10.70% to 8.07%.

Other income fell 46.92% to Rs 10.18 crore. PBIDT fell 36.87% to Rs 141.32 crore. Provision for interest rose 34.80% to Rs 15.3 crore. PBDT fell 40.70% to Rs 126.02 crore. Provision for depreciation rose 31.16% to Rs 22.48 crore.

Profit before tax down 47% to Rs 103.54 crore. Provision for tax was expense of Rs 27.75 crore, compared to Rs 46.06 crore. Effective tax rate was 25.50% compared to 24.27%.

Net profit attributable to owners of the company decreased 43.58% to Rs 81.09 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.

CNG standalone sales volume has increased by 33% to 101 mmscm in Q4FY22 while PNG standalone sales volume fell 2% to 89 mmscm. Combined CNG and PNG sales volume increased 14% to 189 mmscm

“In spite of challenging global circumstances with gas prices at an all-time high, local constraints on the supply of R-LNG and a shortfall in APM gas, Team ATGL has once again delivered a resilient performance both by adding 117 CNG stations and by generating our highest annual consolidated PAT of INR 510 crore,” said Mr Suresh P Manglani, CEO of Adani Total Gas. “The award of 14 new Geographical Areas expands ATGL’s coverage to 124 districts touching 14% of the population. This will aid in taking the momentum further forward of building city gas distribution infrastructure on a pan- India basis and provide ATGL the opportunity to serve a larger consumer base in the coming years. Further, as part of a dedicated business strategy, the board has approved the formation of two separate SPVs for E-Mobility and Bio businesses. This will be immensely advantageous considering that ATGL and its promoters have a strong infrastructure and utility presence across India.”

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.

Operational Highlights FY22 (Standalone Y-o-Y)

§ Commissioned 117 New Stations, total CNG Stations now increased to 334. ATGL footprint has increased to 550 CNG stations along with its JV-IOAGPL

§ Added 85,840 new connections, total PNG home connections surpassed 5.6 lakh mark (5.64 lakh)

§ Industrial & Commercial connections increased to 5,676 with 710 new Industrial and Commercial connections

§ Completed 5,284 Inch Km of Steel Pipeline in New GAs allotted in 9th and 10th rounds

§ Combined CNG and PNG volume of 697 MMSCM, increase of 35%

Other Key updates

§ Board has approved formation of two SPVs for E-Mobility and Bio businesses.

§ Board has recommended a dividend of 25% of face value of Re. 1/- each fully paid up for the Financial Year 2021-22, subject to approval by shareholders of the company.

§ ATGL has set up its first EV charging station in Ahmedabad

§ 14 new GAs awarded in the 11th Round of bidding, totalling to 52 GAs including the 19 GAs of its JV company, IOAGPL

The scrip trades at Rs 2444

Adani Total Gas : Consolidated Results
Particulars	2203 (03)	2103 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	1,012.02	584.48	73	3,037.81	1,695.60	79
OPM (%)	12.96	35.02		25.45	41.54
OP	131.14	204.67	-36	773	704.32	10
Other Inc.	10.18	19.18	-47	41.5	44.36	-6
PBIDT	141.32	223.85	-37	814.5	748.68	9
Interest	15.3	11.35	35	52.73	40.48	30
PBDT	126.02	212.5	-41	761.77	708.2	8
Depreciation	22.48	17.14	31	82.73	62.52	32
PBT	103.54	195.36	-47	679.04	645.68	5
Share of Profit/(Loss) from Associates	5.3	-1.09	LP	4.74	-9.13	LP
PBT before EO	108.84	194.27	-44	683.78	636.55	7
EO Income	0	-4.48	-	0	-14.47	-
PBT after EO	108.84	189.79	-43	683.78	622.08	10
Taxation	27.75	46.06	-40	174.38	159.26	9
PAT	81.09	143.73	-44	509.4	462.82	10
Minority Interest (MI)	0	0	-	0	0	-
Net profit	81.09	143.73	-44	509.4	462.82	10
EPS (Rs)*	0.74	1.34	-45	4.63	4.31	8
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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