Revenue from operations increased marginally to Rs 1,055.58 crore in Q1 FY24 as against Rs 1,042.35 crore posted in Q1 FY23.

The company said that the slight increase in the revenue was mainly 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 with effect from 8 April 2023.

Profit before tax stood at Rs 198.79 crore in the June quarter, up 7.3% from Rs 185.21 crore recorded in the same period last year.

EBITDA grew by 12% to Rs 255 crore in the first quarter of FY24 as compared with Rs 228 crore reported in Q1 FY23. The rise in the EBITDA was driven by higher volume, cost optimization and maintaining a balanced price strategy.

The total sales volume rose 8% to 198million metric standard cubic meter (MMSCM) in Q1 FY24 as against 183 MMSCM reported in Q1 FY23. Compressed natural gas (CNG) sales jumped 18% to 128 MMSCM in Q1 FY24 as compared to 109MMSCM in posted Q1 FY23. However, piped natural gas (PNG) sales declined 6% to 70 MMSCM in Q1 FY23 over 74 MMSCM recorded in the similar quarter last year.

CNG volumes improved on account of reduction in CNG prices along with network expansion of CNG stations. On the other hand, the dip in PNG volume was mainly due to lower offtake by consumers due to lower alternative fuel prices.

Despite increase in volume, the cost of gas has remained flat due to lower domestic gas price.

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

  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.”

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.

Shares of Adani Total Gas were down 0.08% to Rs 660.90 on the BSE.