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Results
03-May-23
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Analysis
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Adani Total Gas
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PBT up 37%
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Adani
Total Gas consolidated net sales increased 10.15% to Rs 1114.78 crore in Q4FY23
compared to Q4FY22. Operating profit
margin has jumped from 12.96% to 17.51%, leading to 48.83% rise in operating
profit to Rs 195.17 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 77.30% to
72.58%. Employee cost decreased from
1.76% to 1.30%. Other expenses rose
from 8.07% to 8.67%.
Other
income fell 6.78% to Rs 9.49 crore.
PBIDT rose 44.82% to Rs 204.66 crore.
Provision for interest rose 109.87% to Rs 32.11 crore.
PBDT
rose 36.92% to Rs 172.55 crore.
Provision for depreciation rose 37.28% to Rs 30.86 crore.
Profit
before tax grew 36.85% to Rs 141.69 crore.
Provision for tax was expense of Rs 37.81 crore, compared to Rs 27.75
crore. Effective tax rate was 27.86%
compared to 25.50%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 20.74% to Rs
97.91 crore.
Equity
capital stood at Rs 109.98 crore as of 31 March 2023 to Rs 109.98 crore as of
31 March 2022. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 74.80% as of 31 March 2023 compared to 74.80% as of 31 March
2022.
“ATGL
has shown resilience and delivered a good all-round performance both on
physical infrastructure and financial front despite high gas prices throughout
the year. The fast-track development of steel pipeline and CNG stations has
helped in creating natural gas ecosystem in geographical areas where we are
present and will now help in connecting PNG consumers going forward. To provide
wider energy offerings to consumers, ATGL, through its SPVs have forayed into
E-mobility and Bio-. This SPVs, in next 12-18 months will be creating over 3000
EV charging points and build one of the India’s largest Biogas plant in Uttar
Pradesh, whose work is in full swing.” said
Mr. Suresh P Manglani, Executive Director & CEO of Adani Total Gas. “ATGL
appreciates the Government of India’s decision on approving the ceiling and
floor price on domestic gas, which will ensure stability in domestic gas price.
Further, ATGL has passed on the benefit to the end consumers. We are confident
that this, coupled with the softening of R-LNG prices, will drive increased
demand across both PNG and CNG segments and ATGL will play pivotal role in
achieving government vision in moving towards gas-based economy.”
Full year results
analysis
Net
sales of Adani Total Gas has increased 44.12% to Rs 4378.19 crore on account of
higher volume coupled with increase in sales price. CNG Volume has increased by
28% YoY on account of network expansion of CNG stations. PNG Volume decreased
by 13% YoY due to lesser offtake of gas largely by Industrial consumers owing
to high PNG prices resulting from higher gas cost.
Operating
profit margin has declined from 25.45% to 19.87%, leading to 12.53% rise in
operating profit to Rs 869.87 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
63.63% to 70.47%. Employee cost
decreased from 1.80% to 1.27%. Other expenses fell from 9.20% to 8.37%.
Cost
of gas increased by 62% majorly on account of replacement of APM price with UBP
price for CNG and Domestic PNG. However UBP price gas shortfall was reduced and
there was also increase in R-LNG price which is procured for Industrial and
Commercial segment
Other
income fell 11.20% to Rs 36.85 crore.
PBIDT rose 11.32% to Rs 906.72 crore.
Provision for interest rose 48.74% to Rs 78.43 crore. Loan funds rose to Rs 1,422.09 crore as of 31
March 2023 from Rs 1,035.16 crore as of 31 March 2022. Inventories rose to Rs 90.96 crore as of 31
March 2023 from Rs 76.78 crore as of 31 March 2022. Sundry debtors were higher at Rs 269.78 crore
as of 31 March 2023 compared to Rs 186.55 crore as of 31 March 2022. Cash and bank balance rose to Rs 371.84 crore
as of 31 March 2023 from Rs 34.32 crore as of 31 March 2022. Investments rose to Rs 682.26 crore as of 31
March 2023 from Rs 633.92 crore as of 31 March 2022 PBDT
rose 8.73% to Rs 828.29 crore. Provision
for depreciation rose 36.71% to Rs 113.1 crore.
Fixed assets increased to Rs 3,919.35 crore as of 31 March 2023 from Rs
2,870.39 crore as of 31 March 2022.
Intangible assets increased from Rs 33.11 crore to Rs 34.16 crore.
Profit
before tax grew 5.32% to Rs 715.19 crore.
Share of profit/loss was 266.03% higher at Rs 17.35 crore. Provision for tax was expense of Rs 186.05
crore, compared to Rs 174.38 crore.
Effective tax rate was 25.40% compared to 25.50%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 7.28% to Rs
546.49 crore.
Equity
capital stood at Rs 109.98 crore as of 31 March 2023 to Rs 109.98 crore as of
31 March 2022. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 74.80% as of 31 March 2023 compared to 74.80% as of 31 March
2022.
Other Key Developments
Government
of India has taken the initiative to review the APM price formula and approved
for putting ceiling and floor on APM price at 6.5 $/MMBTU and 4 $/MMBTU
respectively. This change was w.e.f. 8th April 2023
Post
2 years nominal increase of 0.25 $/MMBTU will be applied on floor and ceiling
price
The
scrip trades at Rs 958
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Adani Total Gas : Consolidated
Results
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Particulars
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2303 (03)
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2203 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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1,114.78
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1,012.02
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10
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4,378.19
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3,037.81
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44
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OPM (%)
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17.5
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13.0
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19.9
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25.5
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OP
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195.17
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131.14
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49
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869.87
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773
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13
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Other Inc.
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9.49
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10.18
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-7
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36.85
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41.5
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-11
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PBIDT
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204.66
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141.32
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45
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906.72
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814.5
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11
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Interest
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32.11
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15.3
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110
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78.43
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52.73
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49
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PBDT
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172.55
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126.02
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37
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828.29
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761.77
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9
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Depreciation
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30.86
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22.48
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37
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113.1
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82.73
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37
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PBT
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141.69
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103.54
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37
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715.19
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679.04
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5
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Share of Profit/(Loss) from Associates
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-5.97
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5.3
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PL
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17.35
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4.74
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266
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PBT before EO
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135.72
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108.84
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25
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732.54
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683.78
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7
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EO Income
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0
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0
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-
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0
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0
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-
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PBT after EO
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135.72
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108.84
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25
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732.54
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683.78
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7
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Taxation
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37.81
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27.75
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36
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186.05
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174.38
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7
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PAT
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97.91
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81.09
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21
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546.49
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509.4
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7
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Minority Interest (MI)
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0
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0
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-
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0
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0
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-
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Net profit
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97.91
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81.09
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21
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546.49
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509.4
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7
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EPS (Rs)*
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#
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#
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5.0
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4.6
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Notes
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* EPS is on current equity of Rs 109.98 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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