Capitaline

Results 11-Feb-23

Analysis

Adani Total Gas

Good performance

Adani Total Gas consolidated net sales increased 25.17% to Rs 1105.56 crore in Q3FY23 compared to Q3FY22. Operating profit margin has declined from 23.02% to 20.80%, leading to 13.09% rise in operating profit to Rs 229.94 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 68.77% to 70.19%. Other expenses rose from 6.76% to 7.49%.

Other income rose 1.61% to Rs 8.19 crore. PBIDT rose 12.65% to Rs 238.13 crore. Provision for interest fell 53.09% to Rs 6.31 crore.

PBDT rose 17.12% to Rs 231.82 crore. Provision for depreciation rose 48.05% to Rs 31.06 crore.

Profit before tax grew 13.46% to Rs 200.76 crore. Provision for tax was expense of Rs 52.67 crore, compared to Rs 45.37 crore. Effective tax rate was 25.96% compared to 26.23%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 17.69% to Rs 150.19 crore.

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

During the quarter, ATGL has delivered a good performance with its calibrated approach despite the high input gas price scenario. While gas sector has been seeing volatility in prices due to geopolitical issues, we have seen a moderation in the international gas prices in the recent weeks. We are confident that this, coupled with the increase in domestic gas supply and expected increased allocation to the CGD sector, will drive increased demand across both PNG and CNG segments,” said Mr. Suresh P Manglani, CEO of Adani Total Gas. ”Further, in line with our strategy on acceleration and to boost eco system for PNG and CNG in new Geographical Areas (GAs), we have already completed minimum work program for FY24 towards the steel pipeline network in 11 out of 15 of our Geographical Areas awarded in 9th and 10th Round and working with a virtual pipeline in the balance GAs. Similarly, we have also completed the CNG stations required for minimum work program for FY24 in 14 Geographical Areas out of 15 Geographical Areas, for 9th and 10th round GAs to develop an ecosystem in these Geographical Areas”.

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Adani Total Gas has increased 61.09% to Rs 3263.41 crore.

Operating profit margin has declined from 31.68% to 20.67%, leading to 5.12% rise in operating profit to Rs 674.70 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 56.76% to 69.75%. Employee cost decreased from 1.82% to 1.26%. Other expenses fell from 9.77% to 8.27%.

Other income fell 12.64% to Rs 27.36 crore. PBIDT rose 4.29% to Rs 702.06 crore. Provision for interest rose 23.75% to Rs 46.32 crore.

PBDT rose 3.14% to Rs 655.74 crore. Provision for depreciation rose 36.50% to Rs 82.24 crore.

Profit before tax down 0.35% to Rs 573.50 crore. Provision for tax was expense of Rs 148.24 crore, compared to Rs 146.63 crore. Effective tax rate was 24.84% compared to 25.50%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 4.73% to Rs 448.58 crore.

Promoters’ stake was 74.80% as of 31 December 2022 compared to 74.80% as of 31 December 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 1258

Adani Total Gas : Consolidated Results
Particulars	2212 (03)	2112 (03)	Var.(%)	2212 (09)	2112 (09)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	1,105.56	883.27	25	3,263.41	2,025.79	61	3,037.81	1,695.60	79
OPM (%)	20.8	23.0		20.7	31.7		25.5	41.5
OP	229.94	203.32	13	674.7	641.86	5	773	704.32	10
Other Inc.	8.19	8.06	2	27.36	31.32	-13	41.5	44.36	-6
PBIDT	238.13	211.38	13	702.06	673.18	4	814.5	748.68	9
Interest	6.31	13.45	-53	46.32	37.43	24	52.73	40.48	30
PBDT	231.82	197.93	17	655.74	635.75	3	761.77	708.2	8
Depreciation	31.06	20.98	48	82.24	60.25	37	82.73	62.52	32
PBT	200.76	176.95	13	573.5	575.5	0	679.04	645.68	5
Share of Profit/(Loss) from Associates	2.1	-3.97	LP	23.32	-0.56	LP	4.74	-9.13	LP
PBT before EO	202.86	172.98	17	596.82	574.94	4	683.78	636.55	7
EO Income	0	0	-	0	0	-	0	-14.47	-
PBT after EO	202.86	172.98	17	596.82	574.94	4	683.78	622.08	10
Taxation	52.67	45.37	16	148.24	146.63	1	174.38	159.26	9
PAT	150.19	127.61	18	448.58	428.31	5	509.4	462.82	10
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	150.19	127.61	18	448.58	428.31	5	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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