Adani Total Gas registers 16% sequential growth in Q2 PAT to ₹160 cr
Consolidated revenue from operations, however, rose by a whopping 73.32% to ₹1,190.37 crore in Q2FY23 versus ₹686.80 crore in Q2FY22.
Adani Total Gas reported a marginal upside of 1.20% in consolidated net profit to ₹160.02 crore for the quarter ending September 30, 2022 (Q2FY23) period. The PAT stood at ₹158.12 crore in the same quarter last year. Meanwhile, Q2 PAT rose by a whopping 15.65% from ₹138.37 crore in the quarter ending June 30, 2022 period.
Consolidated revenue from operations, however, rose by a whopping 73.32% to ₹1,190.37 crore in Q2FY23 versus ₹686.80 crore in Q2FY22. Sequentially, the revenue climbed by 7.22% compared to ₹1,110.21 crore in Q1FY23.
Suresh P Manglani, CEO of Adani Total Gas said, "ATGL continued with full vigour and resilience in significantly augmenting and investing in creating backbone CGD infrastructure across all its Geographical Areas with crossing 6.25 lakh PNG Home Connections mark, crossing of 10,000 inch-km of steel pipeline, enhancing PNG supplies to 6,088 businesses/industries and enhancing CNG footprint to 367 stations."
Further, Manglani added, "The CGD industry continues to face a challenging scenario with significantly higher input gas prices mainly due to geopolitical factors as well as supply shortages across the globe. In the face of such challenges, we have been able to maintain our EBITDA on half yearly basis due to growth in volume."
Further, in H1FY23, on a consolidated basis, the company's revenue stood at ₹2,301 crore up by 90.27% yoy. While PAT stood a ₹298.39 crore versus ₹300.70 crore of H1 in FY22.
On a standalone basis, in Q1FY23, the Adani Group-backed company posted a 25% yoy growth in CNG sales to ₹113 crore, on the other hand, PNG sales dipped by 8% yoy to ₹77 crore. The PAT stood at ₹139 crore down by 12% yoy, while revenue climbed by 73% yoy to ₹1,190 crore.
In the first half of FY23, the company's CNG volume increased by 40% yoy on account of increased consumption along with network expansion of CNG stations. PNG volume however declined by 3% yoy due to curtailment of gas supplies from the company's suppliers and high gas prices.
Going forward, Manglani added, "We believe that these challenges are for the short term and that the infrastructure that we create is for generations to come as we continue to march with the nation on its journey towards a gas-based economy."
On BSE, Adani Total Gas shares traded at ₹3,643.60 apiece up by ₹7.40 or 0.20% at around 2.51 pm. The company's market cap is around ₹4.01 lakh crore.
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