Revenue from operations (excluding excise duty) was at Rs 1,114.62 crore in Q4 FY23, registering a growth of 10.14% as against Rs 1,012.02 crore recorded in the corresponding quarter previous year.

Profit before tax surged 37.2% year on year to Rs 142.06 crore in the quarter ended 31 March 2023.

EBITDA stood at Rs 205 crore in the fourth quarter of FY23, up 45.39% from Rs 141 crore recorded in the same period a year ago.

The total sales volume rose 2.12% to 193 million metric standard cubic meter (MMSCM) in Q4 FY23 as against 189 MMSCM reported in Q4 FY22. Compressed natural gas (CNG) sales jumped 21% to 121 MMSCM in Q4 FY23 as compared to 100 MMSCM in posted Q4 FY22. However, piped natural gas (PNG) sales tumbled 19.1% to 72 MMSCM in Q4 FY23 over 89 MMSCM recorded in the same period last year.

The company's standalone net profit rose 5% to Rs 529.82 crore on 44.12% jump in revenue (excluding excise duty) to Rs 4,378.03 crore in FY23 over FY22. The rise in the revenue was led by higher volume coupled with increase in sales price.

The total sales volume rose 8% to 753 MMSCM in FY23 as compared to 697 MMSCM recorded in FY22. CNG sales stood at 459 MMSCM (up 28% YoY) while PNG sales came in at 294 MMSCM (down 13% YoY) during the financial year ended 2022-23.

The company said that the dip in PNG volume was mainly due to lesser offtake of gas largely by industrial consumers owing to high PNG prices resulting from higher gas cost. On the other hand, CNG volumes improved on account of network expansion of CNG stations.

In spite of high gas prices, ATGL has been taking a calibrated approach in maintaining balanced pricing strategy and despite passing on high gas prices to its consumer, EBITDA has grown by 11% YoY, it added.

On the debt position, the company's debt-to-equity ratio was at 0.47x and the net debt-to-EBITDA stood at 1.11x.

Suresh P Manglani, executive director & CEO of Adani Total Gas, said, “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.

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.”

Meanwhile, the company's board has recommended a dividend of Re 0.25 per equity share for the financial year 2022-23, subject to approval by shareholders. The company said that it will inform in due course the date on which it will hold AGM for the year ended 31 March 2023 and the date from which dividend will be paid or warrants thereof will be dispatched to the shareholders.

Adani Total Gas is one of India's leading private players in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.