|
Results
02-Aug-23
|
|
|
|
|
Analysis
|
|
Adani Total Gas
|
NP up 9%
|
|
|
Adani
Total Gas consolidated net sales increased 1.32% to Rs 1056.06 crore in Q1Fy24
compared to Q1FY23. CNG Volume increased
by 18% YoY on account of reduction in CNG prices along with network expansion
of CNG stations while PNG Volume has decreased by 6% YoY due to lower offtake
by consumers due to lower alternative fuel prices. Despite increase in volume,
Revenue from operations has increased marginally due to reduction in sales
price as ATGL passed through the reduction in Domestic Gas prices as per the
revised pricing formula approved by Government of India w.e.f. 8th April 2023.
Despite increase in volume, the cost of gas has remained flat due to lower
domestic gas price.
Operating
profit margin has jumped from 20.97% to 23.46% on account of higher volume,
cost optimization and maintaining a balanced price strategy., leading to 13.36%
rise in operating profit to Rs 247.74 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 68.92% to 67.54%.
Employee cost increased from 1.02% to 1.40%. Other expenses fell from 9.18% to 7.59%.
Other
income fell 19.10% to Rs 7.37 crore.
PBIDT rose 12.06% to Rs 255.11 crore.
Provision for interest rose 26.68% to Rs 23.69 crore.
PBDT
rose 10.75% to Rs 231.42 crore.
Provision for depreciation rose 37.89% to Rs 32.75 crore.
Profit
before tax grew 7.27% to Rs 198.67 crore.
Share of profit/loss was 400% higher at Rs 2.65 crore. Provision for tax was expense of Rs 51.1
crore, compared to Rs 47.37 crore.
Effective tax rate was 25.38% compared to 25.50%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 8.56% to Rs
150.22 crore.
Promoters’
stake was 74.80% as of 30 June 2023 ,compared to 74.80% as of 30 June
2022.
“In
the beginning of the quarter effective April 2023, CGD industry saw key support
from Government of India notifying the stability of APM prices with floor and
cap which helped ATGL to reduce the prices of PNG and CNG making it more
affordable for end consumers to opt for cleaner fuel as their preferred choice.
Despite challenges emerging from softening of alternate fuels, Team ATGL
achieved excellent physical and financial results with significant increase in
infrastructure reach, augmentation of volume and highest ever EBIDTA. With the
continued constructive policy support to CGD industry coming from Government,
we are confident the further growth in infra numbers and volume shall gain
momentum in spreading CGD network across all our 33 Geographical Areas,” said Mr. Suresh P Manglani, ED & CEO of Adani Total Gas. “With
the consumer centricity approach, we have expanded our horizons by increasing
our reach/footprint in core CGD business and beyond natural gas through setting
up EV charging stations, converting waste to CBG and exploring to set up LNG
stations for long haul heavy vehicles, offering a wider range of sustainable
energy solutions to all our consumers.”
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.
The
scrip trades at Rs 658
Adani Total Gas : Consolidated
Results
|
Particulars
|
2306 (03)
|
2206 (03)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
Net Sales
|
1,056.06
|
1,042.35
|
1
|
4,378.19
|
3,037.81
|
44
|
OPM (%)
|
23.5
|
21.0
|
|
19.9
|
25.5
|
|
OP
|
247.74
|
218.55
|
13
|
869.87
|
773
|
13
|
Other Inc.
|
7.37
|
9.11
|
-19
|
36.85
|
41.5
|
-11
|
PBIDT
|
255.11
|
227.66
|
12
|
906.72
|
814.5
|
11
|
Interest
|
23.69
|
18.7
|
27
|
78.43
|
52.73
|
49
|
PBDT
|
231.42
|
208.96
|
11
|
828.29
|
761.77
|
9
|
Depreciation
|
32.75
|
23.75
|
38
|
113.1
|
82.73
|
37
|
PBT
|
198.67
|
185.21
|
7
|
715.19
|
679.04
|
5
|
Share of Profit/(Loss) from Associates
|
2.65
|
0.53
|
400
|
17.35
|
4.74
|
266
|
PBT before EO
|
201.32
|
185.74
|
8
|
732.54
|
683.78
|
7
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
PBT after EO
|
201.32
|
185.74
|
8
|
732.54
|
683.78
|
7
|
Taxation
|
51.1
|
47.37
|
8
|
186.05
|
174.38
|
7
|
PAT
|
150.22
|
138.37
|
9
|
546.49
|
509.4
|
7
|
Minority Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
Net profit
|
150.22
|
138.37
|
9
|
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
|
|
|
Previous News |
Market rises for 3rd day; Nifty closes above 22,450 mark; VIX slumps 5.84%
(
Market Commentary
-
Quick Review
01-Apr-24
15:50
)
|
|
Adani Total Gas consolidated net profit rises 7.91% in the September 2023 quarter
(
Results
-
Announcements
31-Oct-23
17:00
)
|
|
Adani Total Gas bags order worth Rs 130 -150 cr from AMC
(
Hot Pursuit
-
18-Sep-23
15:38
)
|
|
Adani Total Gas
(
Results
-
Analysis
11-Feb-23
16:03
)
|
|
Adani Total Gas fixed record date for dividend
(
Market Beat
-
Reports
05-Jul-22
09:05
)
|
|
Adani Total Gas to hold AGM
(
Corporate News
-
30-Apr-24
18:50
)
|
|
ATG jumps after arm starts operations at Barsana Biogas Plant
(
Hot Pursuit
-
01-Apr-24
14:50
)
|
|
Adani Total Gas
(
Results
-
Analysis
05-May-22
08:41
)
|
|
Adani Total Gas appoints company secretary
(
Corporate News
-
20-Jun-24
15:04
)
|
|
Adani Total Gas to announce Quarterly Result
(
Corporate News
-
27-Apr-23
14:46
)
|
|
Aegis Logistics Ltd Slips 5.66%, S&P BSE Energy index Shed 1.29%
(
Hot Pursuit
-
13-Sep-21
09:45
)
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|