Adani Total Gas shares gain after Q2 net profit zooms 8%

In the past three months, the stock of ATG has declined 15 percent as against 4 percent slump in the benchmark Sensex

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Shares of Adani Total Gas (ATG) gained 1 percent to the day’s high of Rs 570 per share on November 1 after the company’s consolidated net profit zoomed 8 percent on-year to Rs 173 crore in the July-September quarter of the fiscal year 2023-24 (Q2FY24). The S&P BSE Sensex traded flat at 63,817 levels, as of 9:25am.

In the past three months, the stock has declined 15 percent as against a 4 percent slump in the benchmark Sensex.

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The company’s revenue from operations was flat year-on-year (YoY) at Rs 1,178 crore in Q2FY24 as gas cost reduced on the government’s revised pricing formula.

Higher volume and balanced price strategy, however, increased ATG’s earnings before interest, tax, depreciation, and amortisation (Ebitda) by 23 percent YoY in Q2FY24.

Volume-wise, CNG volumes were up 19 percent YoY owing to reduction in CNG prices and network expansion of CNG stations. On the other hand, PNG volumes were down 5 percent YoY due to lower offtake by industrial consumers amid lower alternative fuel prices.

Also read: Adani seeking to raise $4 billion to fund green hydrogen plans

In spite of this increase in volumes, the cost of gas has reduced by 5 percent on account of new domestic prices approved by the government, the company said.

Earlier, the company won a tender conducted by the Ahmedabad Municipal Corporation to design, build, finance, and operate 500 TPD Municipal Solid Waste (MSW) based bio CBG plant in Ahmedabad.

Adani TotalEnergies e-Mobility (ATEL), a wholly owned subsidiary of the company, has partnered with various players for developing and installing EV charging facilities at various location across India. ATEL has commissioned 221 EV charging points at 64 locations.

Another wholly owned subsidiary, Adani TotalEnergies Biomass (ATBL), is building one of the India’s largest CBG plants in Barsana, Uttar Pradesh. The work is in full swing and the company has commenced sourcing of required feedstock for the plant.

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