Adani Total Gas Ltd (NSE: ATGL) Q3 2025 Earnings Call dated Jan. 27, 2025
Corporate Participants:
Parag Parikh — Chief Financial Officer
Rahul Bhatia — Gas Sourcing & Business Development Head
Suresh Manglani — Executive Director & Chief Executive Officer
Analysts:
Yogesh Patil — Analyst
Varatharajan — Analyst
Sabri Hazarika — Analyst
Nitin Tiwari — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Adani Total Gas Limited Quarter Three FY ’25 Investor Update Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator for pressing the star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Parik, CFO, Adani Total Gas Limited. Thank you, and over to you, sir. Thank you.
Parag Parikh — Chief Financial Officer
Thank you and a warm welcome to everybody to all our investors, analysts, funds, whoever are taking the time-out and participating in today’s quarter third earnings call of Adani Total Gas. I am pleased to share the operational and the financial results for ATGL for the quarter and the nine months ending 31st December ’24. Let me begin with the physical highlights for the quarter. Our CNG station network has increased to 605 stations. We’ve added 58 stations for the year and for the quarter under results, we’ve added 28 new CNG stations. Of these 605 CNG stations, 116 CNG stations are or dodos in terms of their format. Our steel pipeline infra has now increased to 13,000 inch kilometers. On the domestic pipe natural gas connections, ATGL is now serving over 9 lakh 22,000 domestic homes on pipe natural gas. For the year of nine months, we’ve added over a lakh connections and for the quarter-ending December, we’ve added 28,677 connections. Similarly, for the industrial and consumer — commercial consumers, we have now reached 8,913 consumers by adding 582 connections for the nine-month period, whilst we’ve added 167 for the quarter third. Let me also give you an update on some of the other newer emerging businesses. On the e-mobility front, we are now at 1,914 EV charging points that have been commissioned across 22 states, four undertakings in all 226 cities and we aim to reach around 3,000 charging coins by March and March to April this year. Our presence of our EV charging coins now has increased to almost 20 airports in the country. In fact, we are one of the largest airport EV charge point operator at this juncture. On the biomass business, ATBL had commenced production and sales of the CBG from our plant and we are hoping to enhance the sale along with fermented organic manure FOM or the phosphate-rich organic manure prom soon in the future. On the LNG side, our LTM business, we have commenced a first LNG station for long-haul trucks and buses in and Tamil Nadu and a few more are at various stages of progress for commissioning. Let me also share with you the financial numbers for the quarter. During this quarter, the CGE industry faced a couple of reductions in the APM allocation. So was the case for ATGL. The first reduction was on the 16 of October 2024 when our APM gas was reduced from 63% to 51%. We once again faced a second round of APM reduction from the 51% to 37% on the 16th of November 2024. Therefore, on an average basis for the quarter, the APM allocation for the CNG segment specifically was at 47%. This shortfall with the agility of ATGL was met through our existing contracts, a purchase of gas from the IGX spot market as well as coupled with the allocation of the new well gas from the government and which allowed us to supply gas on a continuous basis. Like always, our focus has been to calibrate the enterprises, balancing the affordability of end consumers and other stakeholders, including the profitability of the company. And I’m pleased to say that despite such challenges, ATGL maintained its growth trajectory, focusing on a customer-centric approach and delivered a robust operational performance with a notable 15% growth in volumes on a year-on-year comparable basis, of which the CNG volume increased by 19% to 171, whilst the PNG volume increased by 8% to 86 MSM mmlcm during the quarter. Similarly, on a Q-on-Q basis, our volumes continue to rise by close to 6%. So the balance was formed in terms of continuing to push volume growth whilst ensuring that there is a right price pass-through mechanism to the end consumers. On the financial front, for the 3rd-quarter as compared to the previous quarter on a Y-o-Y basis, revenues from operations increased by 12% to INR1,397 crore. Due to APM allocation — due to a reduction in APM allocation and the increase in gas price, EBITDA for the quarter has been at INR272 crore, while our PBT and PAT was at INR193 crore and INR143 crores respectively. Recently, with effect from 16 January 2025, APM allocation for CNG has increased from 37% to 51% and we expect to see some positive impact for this — in this case in the current quarter that is going by. We are closely assessing the situation regarding the availability of APM gas also going-forward. In closing, I would like to say we remain committed to playing a leading role in the India’s energy transition journey by providing affordable, reliable low-carbon energy for homes, transportation, commercial and industrial users. I’d also like to acknowledge and be thankful to all our shareholders, stakeholders, analysts, funds, houses, consumers, dealers, suppliers, business partners and all our employees for providing trust and continued support. Thank you very much. We could open the floor for questions-and-answers.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Yogesh Patil from Dolat Capital. Please go-ahead.
Yogesh Patil
Thanks for taking my questions. And sir, congratulations for very good set of numbers. I have couple of questions. Sir, ATGL is consistently delivering 19% or more Y-o-Y growth in CNG volume over the last couple of quarters. What are the key factors contributing to the CNG volume growth? And if you could provide how many vehicles on a daily basis you are supplying a CNG, it would be helpful. Thank you.
Parag Parikh
Thank you, Yogesh. And of course always with your active participation. CNG volumes have grown over a period of time and we are seeing this in the context of a, affordable pricing, which has allowed CNG — CNG vehicles and volumes to continue to grow. As you are aware, when the APM — Credit committee had constituted an APM price from last April, there was a cap of a $6.5 as far as APM price was concerned. This resulted in a visibility to the end consumers and therefore a proposition of continuing to convert into CNG consumption. I’ll also request my colleague, Rahul Badia to add-on.
Rahul Bhatia
To answer the first part of your question, we supply CNG to about six to seven vehicles per day. And we are seeing a very robust growth in CNG. Both in our existing GAs as well as our new GAs because we are expanding infrastructure. In our new GAs, we are introducing gas, we are introducing CNG, new GAs because of that we are seeing a very good growth in our new GAs, a very good reception to CNG. In addition to that, even in our existing GAs, we are seeing a very good growth. Just for your information, CNG vehicles, if I were to compare on a YTD basis for FY ’25 compared to FY ’24, in the whole of India, there has been a 43% growth in CNG vehicles. Even if we were to look at our RGAs, then we are seeing a very significant growth, not only in the four-wheeler segment, but also in the LCV segment as well as well as buses, et-cetera. To give you — to give you a perspective, a little flavor in Ahmedabad, we are seeing that a lot of buses transferring over to CNG. From about five per month, they are going to about 28 per month of buses in Gujarat in Ahmedabad. So Rajasthan is also showing a very good increase, especially in Birwada. So we are very encouraged by the growth of CNG, both in the new GAs as well as existing GAs.
Parag Parikh
I think to add to that, Yogesh, as you’ve seen, we have continued to build our network in the newer geographies and the very expense of building the network, reaching out in the newer geographies has also added to the CNG volume.
Yogesh Patil
Okay. Sir, can you quickly share if you have the numbers, how many CNG vehicles monthly addition happens in your geographical areas? That’s one thing. And if you could provide us the geographical breakup of existing and the new geographical areas contribution to the CNG. So right now, if I’m not wrong, 1.86 mms kind of CNG what we are selling. Out of that, how much percentage is coming from the older GA and the newer GA, if you could grow, that would be helpful.
Parag Parikh
Okay. Would you want to add-on the CNG vehicles?
Rahul Bhatia
Okay. So Yogesh, as far as the breakup is concerned in terms of contribution of CNG vehicles — CNG volume compare in the newer geographies to the existing geographies, the existing geographies are contributing 68%, whilst the newer geographies are contributing to the balanced 32%. So that’s a breakup as far as the overall volume is concerned. On the CNG specifically, on the CNG specific volume, just a minute, I’ll give you those numbers also. The CNG volume on an overall basis that is being contributed from the existing ones are close to about 1 million out-of-the 1.7.
Yogesh Patil
Okay. Okay. Fair enough, sir. Sir, second question related to sector — overall sector. The government has recently restored the APM allocation, as you mentioned to the CNG segment up to the 50%. Do you see further restoration of APM gas to the CNG segment? That’s one. And sir, we wanted to understand the rationale behind the restoration of this ATM from the other segments like LPG or any other segment. Going-forward, if required from where we can see the this CNG will get a CNG will get gap
Suresh Manglani
One second just one second, please hi Yogesh, how are you? Yeah, I hope that. Sorry, sorry, I just came in from some other meeting. So what I have understood from last in terms of any? No, I’m just going to repeat and if you say yes. Basically, you are saying that since from 16 January, our APM gas allocation for CNG has gone back to 51% roughly. You are seeking that whether it can go up further if yes, but what is the timeline? Is that your question?
Yogesh Patil
That is the question. And on the top of that, just wanted to add one thing, what is the rationale behind to restore from other segments like LPG or any other power or I mean, we are not aware from which segment or the sector they have diverted a gap to the ATM side. So what is the rationale and logic that in long-term, we wanted to understand whether this is sustainable or not, first of all. And I mean and that’s the —
Suresh Manglani
No, I understood your question. See, first of all, we need to understand that the vision of a government on CGD expansion and the development remains strong. So this is one thing. So that is the reason when the gas allocation went down or several constraint what government was working it out. What they did, while the APM allocation went down, they brought the solution of a new well gas as a priority for the CGD. Similarly, we have HDHP allocation as a priority for a CGD. Higher prices, but there is a priority even though the spot prices may be much, much higher, but CGD are being given. So that — these actions will tell you that government has a strong vision for a continual development of a CGD sector. Now it has gone to 51% with certain measures which government took. Now what measures they are taking that the LPG plant, the operators and who are also the large like Gale and OMGC, they are actually taking the APM gas, which was a part of a priority for extraction of LPGen, the lean gas was being given to us. Government that since CGD has a first priority, let even that part be currently given benefit to the CGD. That’s the only rational because they saw that CGD’s allocation has come down significantly to, 37%, 38%. So that would put a lot of pressure on us at this winter period that we had to bridge the gap at a very-high price gas. So government had in mind that affordability of hand consumers should also be balanced. So I think keeping in mind affordability of hand consumers balancing and also seeing that which other areas government could help CGD sector is what is being done. So that’s the reason the 51% gas has been restored. Now others — other industries, other industries so-far has not been restored. It’s only LPG part has been restored, plus the new well gas is being given to us. That’s the only current upgrade we have. What we also understand from government that government is continually working on one, how much more APM gas could be given to CGD from what all measures could be taken either industrial allocation or any other allocation. Second, what other help government could extend on supply-chain aspect because we also have supply-chain cost. So I think there isn’t a continuous engagement, which is — which is currently in-place to make sure that there is a balancing approach on CGD, gas APM restoration or supply-chain cost optimization, similarly ensuring that other — like, for example, if new well gas is coming, that also gets allocated to CDT.
Yogesh Patil
Thanks a lot for this clarity. And the last one from my side. As an investor and analyst, would be happy to get a clarity on a timeline related to APM allocation changes in the coming months. When can we expect the next APM allocation changes? If you could throw some lights on that?
Suresh Manglani
No, as I said, this is the continual process, government is looking into it. But at the same time, if you see, despite the allocation what we had, let’s say from 63 to, 51 to 37 during this quarter, also balancing the end prices by us. We have been able to still produce the financial results which are in front of you. So I think it does both the things. While we are working with the government, we are engaging with the government through entity also working continuously work on the government side that we should have more-and-more APM gas. The fact is that CGD has also then now started looking into what all optimization could be done on supply-chain aspect, opex aspect. And that’s the result today we are giving you. So I think we are also preparing ourselves to see that if tomorrow this allocation is not restored, how are we going to be working on a sustainable basis, making sure we balance the interest of end-consumer and also produce the good financials and operational results for the — from the point-of-view of investor and other stakeholders. And that’s what is being done. If you see these results, if you read bit more in detail, it will give you how the ATCL has actually been able to cope up with this challenge.
Yogesh Patil
Thanks a lot, sir. It was really helpful. Thank you.
Operator
Thank you. The next question is from the line of Rajan from Antique Stock Broking. Please go-ahead.
Varatharajan
Thanks for the opportunity, sir. It was again regarding the subsid part. So when the allocation went down to 51 down to 37 and back to-Q1 now. The due cash essentially is bridging any kind of loss from that 67 to 51 now. Is that the right kind of observation? So today like in terms of your procurement, you don’t have to put on everything external. It is just that, that 67 to 51 whatever the cut as against that you are getting new well gas. Is that the right understanding?
Rahul Bhatia
Good afternoon, actually the APM has been restored to 51%. The new well gas that we are getting is in addition to the 51%
Varatharajan
Will be more like 15% 16% of your requirement as of now, the new well gas.
Rahul Bhatia
The new well gas currently — in the last quarter was about roughly about 7% to 8% of our requirement — of our overall requirement.
Varatharajan
Okay. And currently it will broadly
Rahul Bhatia
We are good, good.
Varatharajan
Fair enough. And incrementally like I think the was also kind of touching based on that. So with the latest order of oil ministry, effectively we are looking at a quarterly review of the availability of gas. So is it fair to understand the next tranche of change whatever happens? We should expect something in the month of April, is that the right way of looking at it?
Rahul Bhatia
Yeah. So the mechanism which has been established by the government is that the government looks at the calendar quarter demand for the CGD segment and looks at the availability of APM gas and then does an allocation after every quarter. So for a quarter, for example, they will review the October, November, December demand. And based on that, you know, they will be reviewing it on the — from the 16th of February. Likewise, they will look at the demand for January, February, March and that revised allocation will come into play from the 16th of May. So there is a 45-day lag after every calendar quarter when the ATM reallocation is done.
Varatharajan
Understood, sir. Maybe I’ll touch later on the current run-rate of sourcing, obviously, I think we don’t have exact details as of now, but my understanding is that 51% APO and 78% of UL gas and the remaining anyway like whatever we were doing in 3rd-quarter to fill the gap.
Rahul Bhatia
That is exactly. Yeah. As Mr Manglani had mentioned a few minutes back, you are aware that as of the 13th of January 2023 I’m forgetting now HPHT Ceiling gas was also accorded top priority to the CGD segment. So just to just to give you an idea about currently about 40% of our volumes are APM and another about — as you rightly said, about 8%, 9% is new well gas and another 25% is HPHT sealing gas.
Varatharajan
Good job. I think new well gas, let me know it is now being awarded on a proportionate basis the way APL gas is allotted or is any other mechanism?
Rahul Bhatia
That’s right.
Varatharajan
Fair enough, sir. That was very useful. Thanks a lot.
Operator
Thank you. The next question is from the line of Sabri Hazarika from Emkay Global. Please go-ahead.
Sabri Hazarika
Yeah. Good afternoon and congratulations on a good numbers considering the challenging situation. So I just wanted — just wanted I couldn’t get it. You mentioned that right now the CNG — I mean in Q3 the CNG sourcing mix was 47% was APM, 8% was US gas and the residual is what did you mention? I couldn’t get it, HPHT and others?
Rahul Bhatia
Yeah, that HPHT ceiling gas, which comes from the KG basis. Yeah. So as you would be aware, the volumes which are coming from there of the ceiling gas, even in that the government has accorded top priority to the CGD priority segment of CNG and PNG domestic, right? So all the options and bids which are done by ONGC and the RIL BP combined, in those bids, the first priority of allocation is given to CGD. So APG has been bidding very aggressively for those ceiling gas volumes and about 25% of our entire portfolio today is HPHC sealing gas.
Sabri Hazarika
25% of CNG or 25% of entire portfolio,
Rahul Bhatia
25% of our entire portfolio.
Sabri Hazarika
Okay. Okay. So in CNG, how much it would be? Any rough-cut are too.
Rahul Bhatia
So about to give you an idea of our entire portfolio, 40% would be about APM, about 7% to 8% would be NWG, another 25% would be — it would be HPHT.
Sabri Hazarika
So this is total volumes, right, 1.8.
Rahul Bhatia
That’s right.
Sabri Hazarika
So okay, fair enough. And okay, right. And the remaining 28% would be — would be in LNG mix.
Rahul Bhatia
That’s correct. That’s RLNG.
Sabri Hazarika
Right, sir. And this new wealth gas, do you expect it to increase or do you think the percentage will remain as it is? Given the fact that it is new gas, but in a way it’s like — I mean, the overall production remains the same or probably it’s declining only.
Rahul Bhatia
So we expect the new oil gas to go up because you know for all of these fields, the producers now would be very encouraged that they are getting a little premium through APM gas, so they will be encouraged to explore more and to ensure that these volumes would go up very significantly moving forward.
Sabri Hazarika
Right, got it. And you mentioned about the review. So the review will take place every month, right?
Rahul Bhatia
No, it takes place once a quarter,
Sabri Hazarika
Once a quarter with a 45 days lag. Is that right?
Rahul Bhatia
That’s correct.
Sabri Hazarika
So if it happens on the 16th of April or 1st of April whatsoever, that means I’ll have to take the period 45 days lag, right? So it will be like December to February or something of that sort. Is that right?
Rahul Bhatia
The allocation, which will be done from the 16th of May will take the supply-and-demand volumes of the January to March quarter.
Sabri Hazarika
Okay. Okay, okay. So it will be next done on 16th of May or before that, right?
Parag Parikh
16th of February, February, because October, December, your evaluation will happen on 16th of February as 45 days post the quarter. So 45 days post every quarter.
Sabri Hazarika
Okay. So February is the timeline. I mean, I saw 16 January also they did this order. So next will be February itself, then it will be May and likewise, it will continue from here on.
Rahul Bhatia
Yeah, 16th of January was a sort of out of sequence increase because the government saw that the CGD segment have been very significantly affected. And as Mr Manglani said that the government keeps looking at ways to stabilize and to optimize APM gas to the CGD segment. So when they saw the very significant impact that had happened to the CGD segment and to the CNG consumers, then they sort of huddled together and they ensured that ONGC and Gail had to surrender some of the gas which was going into their LPG plants and they did an out of turn increased allocation on the 16th of January.
Sabri Hazarika
Got it, got it, sir. And regarding your margin EBITDA per STM, so this quarter has been like around INR10 rupees. You just say it was around INR12 to INR13. Of course, this quarter it’s 47%. I mean, gas costs are rising at the same time we’ve got rupee also depreciating and all. But what would be the revised guidance now that you have more clarity on this whole thing?
Parag Parikh
So Sabri, I think, as you are aware, I think we are still seeing some of these developments on how APAM catch-up is happening like we saw on the 16th of January. We’ll await to see now in the normal-course of allocations that will happen on mid-February. So one is on the APM side. Second, ATCL’s desire has always been to keep pushing volumes. Even if you see the current quarter, our volumes have grown by about close to 15% on a Y-o-Y basis and 6% on the immediate preceding quarter. So we’ve always wanted to — we’ve always wanted to balance volume and whilst what is the EBITDA per SCM being made. So that’s the balance that we continue to do so. And we would expect, therefore, our margins to remain in a similar sort of range at this juncture.
Sabri Hazarika
So this INR10 — INR10 to INR12, is that?
Suresh Manglani
See, the only kind of thing when you all go through these results in more detail. You will find that now we have been also speaking to you in several previous quarters and you must be also doing analyst of the ATGL result. We have focused significantly on the digitalization, automation processes. The IoT-based applications which have been implemented now almost 98% volumes are getting fully IoT-based connected. So we are able to see the loss on an accounted gases, etc., significantly coming down because there is a real-time monitoring. So you will see OpEx and these digitalization programs giving us the benefit and increasingly so in the future going-forward. So that also would have to some extent positive impact on our EBITDA per SCM. Operational excellence is now the real focus for us. While Rahul is working very hard along with his team to see how he builds the gas portfolio, what should he do now he has to redraw his whole strategy now again on the — on the gas sourcing kind of a thing is to rebuild his portfolio to make sure that when APM gas allocation remains a bit of a challenging the way it is now, and the new well gas also comes at a premium, HDSP comes at a premium. The spot definitely is a very-high premium. So how he is able to manage the end-customer interest. So I think he is doing a lot of good work. The operation teams are doing good work on operational excellence and entire our digitation program is helping us. So I think we are working holistically to see how do we balance the interest of all stakeholders.
Sabri Hazarika
Got it, sir. Thank you for this. And just last question, what has been your nine months capex for yeah.
Parag Parikh
So I think in terms of our Nine-Month capex, if I were to — if I were to look at in terms of the capex incurred plus the commitments that we are making as far as our newer rounds are concerned, our cash spend will be close to about INR650 odd crore, including the newer businesses. Whilst if I were to look at it in terms of further commitment on the pure CGD, that would be close to about additional INR1,000 crores. Roughly, you should see our year ending in terms of from a capex spend perspective to a number of closer towards INR900 crore 2,000
Sabri Hazarika
INR900 crore to INR1,000 crore, canalone capex on. Yes thank you so much and all the best.
Operator
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Nitin Tiwari from PhillipCapital. Please go-ahead.
Nitin Tiwari
Hi, sir, good evening. Thank you for the opportunity. Just a couple of bookkeeping questions from our end. So if you can give us the bifurcation of the CNG and the PNG revenue and also a breakup of PNG sales in-between domestic, industrial and commercial consumers.
Parag Parikh
So I think on an overall annualized basis, our volume has been close to 2.8 for the quarter in that 2.8 for the quarter close to about 32% to 33% is PNG, while 66% to 67% is CNG. So that’s the breakup between CNG and PNG as far as the quarter volumes are concerned.
Nitin Tiwari
No, I’m not — sorry, I’m not talking about the volume. I’m talking about the revenue buildup in-between CNG and PE, the rupees million breakup that you can — you can give between CNG and? Sure. So and same for the previous quarter as well, if you could please.
Parag Parikh
Yes, sure. So in terms of sales — sales volume, if I were to give you the composition in terms of sales, CNG will constitute close to about 66%, while 34% is on the P&G side. Similarly, if I were to look at the immediate preceding quarter, the immediate preceding quarter will have a similar number of close to about 67% and 33%. So 66% to 67% is the CNG sales, while 34% to 33% is the PNG sales for Q3 and then Q2. T
Nitin Tiwari
This is the breakup of revenue you’re talking about, right?
Parag Parikh
Yeah.
Nitin Tiwari
And what is the breakup of PNG sales among the sub-segments of domestic, industrial and commercial segments?
Parag Parikh
Sorry, can you repeat that question?
Nitin Tiwari
The breakup of PNG space volume in domestic industrial and commercial segments?
Parag Parikh
Yeah. So in terms of the PNG breakup of the 34% that I mentioned to you, an absolute number at ATGL, close to about 23% is industrial, 8% is domestic and about 2% is commercial. So that’s all amounting to close to 34%.
Nitin Tiwari
, the percentages that you’ve given just now these are the percentages in volume terms, right?
Parag Parikh
That’s correct.
Nitin Tiwari
Yeah. So you mentioned 8% is domestic and 2% is —
Parag Parikh
2% that’s correct.
Nitin Tiwari
2% and is and industrial was sorry, how much?
Parag Parikh
’23,
Nitin Tiwari
This is as a percentage of overall volumes, right, not of
Parag Parikh
Absolute, correct.
Nitin Tiwari
Yeah, yeah. And lastly, just wanted to understand that while you’ve given out — already given out the breakup of your gas sourcing right now, so just wanted to understand two things with respect to that. One is like isn’t the HPHT gas contracted out? So I just want to understand that what is the quantity which is available on IGX because the gas production from KG Basin or other HPHC sources are typically contracted out, right? Not a lot of that quantity is available on IGX. Is that understanding correct?
Rahul Bhatia
So Rahul aside. Yeah, at this point of time, roughly about 2 million to 2.25 million cubic meters of gas is being — is being brought by the RILDP combined on the IGX every month and this would sort of — this is happening since January, may continue till March or something till the time that they come out with a bid with an auction and sell these on a long-term basis.
Nitin Tiwari
Okay. So 2 to 2.5 LMS CMD is available on right now is what you see? Yeah, great. And in terms of LNG, like how is the LNG sourcing divided between our contracted long-term LNG and spot purchases for you
Rahul Bhatia
We generally — we generally don’t keep our open position for spot purchases more than about 5% to 7%. But since APM went down very significantly in recent months, our open position right now would be about 10%.
Nitin Tiwari
All right. So the rest are long-term contracts is what we are seeing. So these contracts are Brent linked or what is the index they are linked to?
Rahul Bhatia
Brent and Henry in India.
Nitin Tiwari
So any bifurcation you can give us in terms of the percentages between rent.
Rahul Bhatia
Okay, I told you that overall are the numbers that we’ve got, we sell about 100,000 MMBtu per day, right? And out of — out of which about 50% is APM and NWG and about 25% is HPHC sealing gas. Out-of-the balance — out-of-the balance 25%, we would have about 17% to 18% of Henry Hub contracts and about 6% to 7%, 6% to 7% of brand contracts. And the balance would be open to
Nitin Tiwari
Understood. So a large part of it has been rear contract. That’s nice. Great. I mean that’s — that answers of my queries. Thank you so much for taking my questions.
Operator
Thank you. Participants who wish to ask a question may press star and one at this time. As there are no further questions from the participants, I now hand the conference over to the management for their closing comments.
Parag Parikh
Thank you. Thank you all the participants and management of for taking the time-out. And anyone wish to get further updates on ATGL, please connect to us. Thank you.
Operator
Thank you. Thank you everybody. On behalf of ATGL, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you