Ahmedabad, May 2 Adani Group’s city gas distribution (CGD) arm Adani Total Gas Ltd (ATGL) on Tuesday posted standalone net profit of ₹530 crore, up 5 per cent year-on-year driven by 28 per cent rise in the sales volumes of compressed natural gas (CNG) during fiscal 2022-23.
The company’s revenues from operations for the fiscal grew by 46 per cent to ₹4,683 crore, up from ₹3,206 crore in the previous year.
“Increase of revenue by 46 per cent is on account of higher volume coupled with increase in sales price,” the company statement said.
In spite of a robust growth in revenues, the growth in profitability was impacted by 59 per cent jump in the cost of natural gas and traded items during the year from ₹1,939 crore in fiscal 2022, to ₹3,083 crore in the fiscal 2023. The excise duty outgo also nearly doubled from ₹169 crore in the fiscal 2022 to ₹305 crore in FY’23.
Cost of gas increased by 62 per cent on account of replacement of Administered Price Mechanism (APM) price with Unified Base Price (UBP) for CNG and Domestic PNG.
“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% Y-o-Y,” ATGL statement said.
“ATGL has a healthy Balance Sheet with Debt-to-Equity ratio at 0.47x, Net Debt to EBITDA is at 1.11x,” it added.
ATGL’s standalone quarterly profits for March 2023, stood at ₹104 crore up 37 per cent with revenues from operations growing at 12 per cent to ₹1,197 crore.
The Board has recommended dividend of ₹0.25 per equity share of face value of Re 1 each for the Financial Year 2022-23, subject to approval by shareholders of the company.
Q4 consolodiated net up 21 pc
On consolidated basis, company’s net profit for FY’23 stood at ₹546 crore ( ₹509 crore in the previous year), on revenues of ₹4,683 crore ( ₹3,206 crore). Net profit for the quarter increased by 21 per cent to ₹98 crore (₹81 crore) for the quarter ended March 2023. Consolidated quarterly operational revenues stood at ₹1,197 crore, (₹1,065 crore).
On the operational performance, the company informed that its overall natural gas sales volumes increased 8 per cent during fiscal 2022-23, to 753 million metric standard cubic metres (mmscm) from 697 mmscm in previous year.
The CNG sales volumes increased 28 per cent to 459 mmscm, from 360 mmscm during the fiscal, while Piped Natural Gas (PNG) sales volumes decreased by 13 per cent to 294 mmscm versus 337 mmscm in the previous year.
Resignation and appointment of statutory auditors
ATGL informed informed about the resignation of the statutory auditors - M/s Shah Dhandharia & Co. LLP, Chartered Accountants with effect from May 2, 2023.
ATGL also informed about the appointment of Walker Chandiok & Co LLP, Chartered Accountants as the Statutory Auditors of the company from May 2, 2023.
ATGL shares gained 1.27 per cent on NSE to close at ₹957 on Tuesday.