Capitaline

Results 01-Nov-23

Analysis

Adani Total Gas

Sales volume increased 10% in H1FY24

Consolidated net sales (including other operating income) of Adani Total Gas has declined 1.78% to Rs 1095.59 crore. Operating profit margin has jumped from 20.28% to 25.55%, leading to 23.75% rise in operating profit to Rs 279.93 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.10% to 63.15%. Employee cost increased from 1.26% to 1.52%. Other expenses rose from 8.17% to 9.78%.

Other income fell 8.45% to Rs 9.21 crore. PBIDT rose 22.38% to Rs 289.14 crore. Provision for interest rose 28.02% to Rs 27.28 crore.

PBDT rose 21.82% to Rs 261.86 crore. Provision for depreciation rose 37.15% to Rs 37.62 crore.

Profit before tax grew 19.58% to Rs 224.24 crore. Share of profit/loss was 72.64% lower at Rs 5.66 crore. Provision for tax was expense of Rs 57.22 crore, compared to Rs 48.2 crore. Effective tax rate was 24.89% compared to 23.15%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 7.91% to Rs 172.68 crore.

Equity capital stood at Rs 109.98 crore as of 30 September 2023 to Rs 109.98 crore as of 30 September 2022. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 74.80% as of 30 September 2023 compared to 74.80% as of 30 September 2022.

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 INR 545 Crs. 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.” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas. “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. With a consumer centricity approach along with our strategic preparedness to offer a wider range of sustainable energy solutions to all our consumers, I firmly believe in ATGL’s readiness for a promising future”.

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Adani Total Gas has declined 0.29% to Rs 2151.65 crore. Revenue from operations has remained flat as there was reduction in gas cost due to revised pricing formula approved by Government of India w.e.f. 8th April 2023 which ATGL passed on the benefit to its consumers, resulting in decrease in sales price. CNG Volume increased by 19% Y-o-Y on account of the reduction in CNG prices along with network expansion of CNG stations. PNG Volume has decreased by 5% Y-o-Y due to lower offtake by industrial consumers due to lower alternative fuel prices. Overall sales volume increased 10% to 211 mmscm. 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

Operating profit margin has jumped from 20.61% to 24.52%, leading to 18.64% rise in operating profit to Rs 527.67 crore on account of higher volume and balanced price strategy. Raw material cost as a % of total sales (net of stock adjustments) decreased from 69.52% to 65.30%. Employee cost increased from 1.14% to 1.46%. Other expenses rose from 8.67% to 8.70%.

Other income fell 13.51% to Rs 16.58 crore. PBIDT rose 17.31% to Rs 544.25 crore. Provision for interest rose 27.39% to Rs 50.97 crore. Loan funds rose to Rs 1,356.42 crore as of 30 September 2023 from Rs 1,203.25 crore as of 30 September 2022. Inventories rose to Rs 84.64 crore as of 30 September 2023 from Rs 82.31 crore as of 30 September 2022. Sundry debtors were higher at Rs 373.43 crore as of 30 September 2023 compared to Rs 236.93 crore as of 30 September 2022. Cash and bank balance declined from Rs 397.50 crore as of 30 September 2022 to Rs 326.77 crore as of 30 September 2023. Investments rose to Rs 696.07 crore as of 30 September 2023 from Rs 677.32 crore as of 30 September 2022 .

PBDT rose 16.36% to Rs 493.28 crore. Provision for depreciation rose 37.50% to Rs 70.37 crore. Fixed assets increased to Rs 4,133.29 crore as of 30 September 2023 from Rs 3,401.76 crore as of 30 September 2022. Intangible assets declined from Rs 33.09 crore to Rs 25.49 crore.

Profit before tax grew 13.46% to Rs 422.91 crore. Share of profit/loss was 60.84% lower at Rs 8.31 crore. Provision for tax was expense of Rs 108.32 crore, compared to Rs 95.57 crore. Effective tax rate was 25.12% compared to 24.26%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 8.21% to Rs 322.90 crore.

Equity capital stood at Rs 109.98 crore as of 30 September 2023 to Rs 109.98 crore as of 30 September 2022. Per share face Value remained same at Rs 1.00.

Promoters’ stake was 74.80% as of 30 September 2023 ,compared to 74.80% as of 30 September 2022 .

Cash flow from operating activities increased to Rs 466.46 crore for YTD ended September 2023 from Rs 465.37 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 361.02 crore, compared to Rs 550.23 crore during the YTD ended September 2022.

The scrip trades at Rs 553

Adani Total Gas : Consolidated Results
Particulars	2309 (03)	2209 (03)	Var.(%)	2309 (06)	2209 (06)	Var.(%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	1,095.59	1,115.50	-2	2,151.65	2,157.85	0	4,378.19	3,037.81	44
OPM (%)	25.6	20.3		24.5	20.6		19.9	25.5
OP	279.93	226.21	24	527.67	444.76	19	869.87	773	13
Other Inc.	9.21	10.06	-8	16.58	19.17	-14	36.85	41.5	-11
PBIDT	289.14	236.27	22	544.25	463.93	17	906.72	814.5	11
Interest	27.28	21.31	28	50.97	40.01	27	78.43	52.73	49
PBDT	261.86	214.96	22	493.28	423.92	16	828.29	761.77	9
Depreciation	37.62	27.43	37	70.37	51.18	38	113.1	82.73	37
PBT	224.24	187.53	20	422.91	372.74	13	715.19	679.04	5
Share of Profit/(Loss) from Associates	5.66	20.69	-73	8.31	21.22	-61	17.35	4.74	266
PBT before EO	229.9	208.22	10	431.22	393.96	9	732.54	683.78	7
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	229.9	208.22	10	431.22	393.96	9	732.54	683.78	7
Taxation	57.22	48.2	19	108.32	95.57	13	186.05	174.38	7
PAT	172.68	160.02	8	322.9	298.39	8	546.49	509.4	7
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	172.68	160.02	8	322.9	298.39	8	546.49	509.4	7
EPS (Rs)*	#	#		#	#		5.0	4.6
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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