Adani Total Gas 9MFY25 & Q3 Results

9M & Q3FY25 Volume up 15% YoY

CNG network increases to 605 stations

PNG household increased to 9.22 lakh homes

1914 EV charging points spread across 226 cities

9MFY25 EBITDA stood at INR 893 Crs, up by 6% YoY

EDITOR’S SYNOPSIS

Operational Highlights Q3FY25 (Standalone):

Increased CNG stations to 605 by adding 28 new stations
Expanded PNG home connections to 9.22 lakh, by adding 28,677 new households
Increased Industrial & Commercial connections to 8,913 with 167 new consumers added
Completed cumulative ~ 13,082 Inch Km of Steel Pipeline network
Combined CNG and PNG volume of 257 MMSCM, a 15% increase Y-o-Y

Pan India Footprint –Q3FY25 (With JV namely IOAGPL):

Combined network of 999 CNG Stations, with 41 new stations added
PNG home connections cross 1 million mark to 1.09 million, touching over 4 million lives on a daily basis.
Grew Industrial & Commercial connections to 9949, by adding 230 new consumers
Completed cumulative ~ 23,734 Inch Km of Steel Pipeline network

Key Business updates

As earlier notified by the Company, during the quarter under reporting APM Allocation of natural gas for CNG(T) segment was reduced impacting the profitability as Company had to bridge the shortfall with costlier purchase of natural gas to ensure uninterrupted supply of CNG to end consumers. This allocation was reduced for the entire CGD sector.
For ATGL, the allocation of APM gas for CNG (T) segment was reduced from 63% to 51% from 16th October 2024, and then further from 51% to 37% effective 16th November 2024 onwards.
Taking the above reductions into account, the average supply of APM based natural gas for CNG (T) segment during the quarter was at ~47%. As stated, the shortfall was met through supplies under the existing contracts, allocation of natural gas under New Well gas pricing mechanism and by ways of purchase through IGX gas exchange, ensuring uninterrupted supply.
Recently, with effect from 16th January 2025, APM allocation of natural gas for CNG (T) has increased from 37% to 51%. As already notified by the Company, this would have a positive impact for the next quarter.

Adani TotalEnergies E-mobility Limited (ATEL), Adani TotalEnergies Biomass Limited (ATBL) and LNG for Transport & Mining (LTM)

1914 EV charging points have already been commissioned across 226 cities- 22 States & 4 Union-Territories. Large number of charge points are at various stage of progress.
Presence of our Charge points have now increased to 20 Airports in India.
ATBL has commenced production and sales of CBG from Barsana plant and hope to enhance the same along with sale of Fermented Organic Manure (FOM)/ Phosphate rich organic manure (PROM) soon in the future
Company has commenced the first LNG Station for long haul trucks and Buses in Tirupur, Tamilnadu. Many more LNG stations are at various stage of progress

Financial Highlights Q3FY25 (Standalone) Y-o-Y:

Revenue from Operations increased by 12%, reaching INR 1,397 Cr
EBITDA stood at INR 272 Cr
PAT for the quarter was INR 143 Cr

Consolidated Q3FY25 PAT

Earned consolidated PAT of INR 142 Cr

Financial Highlights 9MFY25 (Standalone) Y-o-Y:

Revenue from Operations increased by 11%, reaching INR 3950 Cr
EBITDA rose by 6% to INR 893 Cr
PAT increased by 2% to INR 499 Cr

Consolidated 9MFY25 PAT:

Earned a consolidated PAT of INR 500 Cr

Ahmedabad, 27 January 2025: Adani Total Gas (ATGL), India’s leading energy transition company, continues its mission of transforming India's energy landscape through extensive infrastructure development. Today, ATGL announced its operational, infrastructural and financial performance for the quarter and nine months ended 31st December 2024.

“ATGL maintained its growth trajectory, focusing on customer centric approach and delivering a robust operational performance with a notable 15% year-on-year increase in volume. Despite the reduced APM gas allocation, Team ATGL ensured an uninterrupted supply of CNG to our large masses of consumers by sourcing additional supplies of gas through alternative options. The key to us is to calibrate the end prices balancing the affordability of end consumers and other stakeholders including profitability of the Company which is evident from our growth in the volumes of 15% and EBIDTA growth of 6% for 9 months period on YoY basis. We are striving to further accelerate development of PNG and CNG infrastructure across our 34 GAs, including the recently added Jalandhar GA in Punjab,” said Mr. Suresh P Manglani, ED & CEO, ATGL.

Standalone Operational and Infrastructural Highlights:

Operational Performance
Particulars	UoM	9M FY25	9M FY24	% Change YoY	Q3 FY25	Q3 FY24	% Change YoY
Sales Volume	MMSCM	730	633	15%	257	224	15%
CNG Sales	MMSCM	486	408	19%	171	144	19%
PNG Sales	MMSCM	244	225	8%	86	80	8%

Infrastructure Performance
Particulars	UoM	As on 31 Dec’ 24	9M Additions	Q3 Additions
MSN (IK)	Nos.	13,082	1060	566
Domestic-PNG	Nos.	9,21,677	1,01,310	28,677
Commercial -PNG	Nos.	6,028	402	114
Industrial-PNG	Nos.	2,885	180	53

Infrastructure & Operations Commentary – Q3FY25

Crossed 600 CNG stations to reach at 605 CNG stations across 34 GAs
Over 9 lakh homes are now connected with Piped Natural gas
CNG Volume increased by 19% Y-o-Y on account of CNG network expansion across multiple Geographical Areas (GAs)
With addition of new PNG connections, PNG Volume has increased by 8% Y-o-Y
Overall volume has increased by 15% Y-o-Y

Standalone Financial Highlights:

Financial Performance
Particulars	UoM	9M FY25	9M FY24	% Change YoY	Q3 FY25	Q3 FY24	% Change YoY
Revenue from Operations	INR Cr	3,950	3,556	11%	1397	1243	12%
Cost of Natural Gas	INR Cr	2,666	2,391	11%	991	824	20%
Gross Profit	INR Cr	1,284	1,165	10%	406	419	-3%
EBITDA	INR Cr	893	846	6%	272	301	-10%
Profit Before Tax	INR Cr	670	655	2%	193	231	-17%
Profit After Tax	INR Cr	499	488	2%	143	172	-17%

Results Commentary Q3 FY25

Revenue from operations rose by 12% on account of higher volume
Besides higher volume, with lower allocation of APM gas to CNG segment coupled with higher R-LNG price due to winter, the cost of Natural gas rose by 20%
During the quarter, APM allocation for CNG segment was at ~47%, the balance was met with New Well Gas, existing contracts and Spot procurement.
ATGL took a balanced approach in passing the higher gas cost to ensure volume growth does not get impacted, but due to the replacement of APM gas with other sources, the gas cost has increased, which has impacted the Quarter profitability.
EBITDA was adversely impacted due to higher gas costs. Quarterly EBIDTA declined 10% Y-o-Y to INR 272 Crs.
PBT and PAT declined by 17% on account of increased depreciation due to expanding asset base

Digitalization and Customer Delight Highlights

Besides already providing state of art digital channel for customer delight, now ATGL has launched a Doorstep Customer Delight program to provide delightful experience to its customers at their doorstep.

Key ESG Highlights

ATGL’s DJSI net ESG score improved to 62 from 54, positioned in 80^th percentile
ATGL received Humanity Hero Awardfrom Yuva Unstoppable for significant contribution towards CSR activities.
25 sites are now facilitated with Rainwater Harvesting system