Adani Total Gas Ltd (NSE: ATGL) Q3 2026 Earnings Call dated Jan. 23, 2026
Corporate Participants:
Suresh Manglani — Executive Director and Chief Executive Officer
Ravindra Desai — Head Gas Sourcing
Analysts:
Yogesh Patil — Analyst
Varatharajan Sivasankaran — Analyst
Kirtan Mehta — Analyst
Presentation:
operator
Are joined to the conference. The conference is now being recorded. Sa. Foreign. Ladies and gentlemen, you are connected for the Adani Total Gas Limited Q3FY26 earnings conference call. Please stay connected, the call will begin shortly. Sam. Sa. Ladies and gentlemen, good morning and welcome to the Adani Total Gas Limited Q3FY26 earnings conference 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 this conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded from the Adani Total Gas Limited. We are joined on the call by Mr. Suresh P. Manglani, Executive Director and CEO, Mr. Priyash Jawri, Interim Chief Financial Officer and Mr.
Ravindra Desai, Head of Gas Sourcing and Business Development. I now hand the conference over to Mr. Suresh P. Manglani, Executive Director and Chief Executive Officer from Adani Total Gas Ltd. Thank you and over to you sir.
Suresh Manglani — Executive Director and Chief Executive Officer
Thank you. Good morning everyone. Let me extend a hearty welcome to all our investors analysts funds for taking out their time and participating in today’s call on quarter three and nine months period ended financial year December financial year for financial 2025-26 of the Adani Total Gas Ltd. I am pleased to share the operational and financial results of Adani Total Gas for the quarter ending 12-31-2025. Let me begin with our performance on volume growth and network expansion. During the quarter. ATGL continued its strong growth trajectory with CNG volume rising 17% year on year during third quarter and 18% over the nine months period.
While PNG volume registered 3% growth in the quarter and 7% over nine months period. This performance by the company reflects our expanding network and deeper penetration across our markets. During the quarter we added 18 new CNG stations taking our network to now 680 stations. Out of these 680 stations, 136 CNG station are either company owned, dealer operated which we call KODO or dealer owned dealer operated dodo. These 136 stations provides completely full branded experience to our CNG consumers. Our steel pipeline which is our backbone infrastructure has now increased to 14,008, 62 inch kilometer. This robust and growing network enables us to seamlessly extend Our reach across all 34 gas ensuring reliable energy access to wider consumer base.
In addition, ATGL has laid over 8100 km, steel was inch kilometer and MDP is 8100 km of MDP pipeline to Provide last mile access to large masses to avail PNG supplies across all our geographical areas. With the addition of nearly 35,000 new connection during the quarter and approximately 88,000 new connection in the nine months period of this financial year, our domestic PNG consumer base has now increased to 1.05 million which is 10.5 lakh homes. In the industrial and commercial segment, we added 148 new customers during this quarter taking our total consumer base to 9,751. We are coming closer to the 10,000 mark.
These additions span diverse industries and commercial establishments representing key bulk consuming segments. On our E Mobility front, our network has continuously been growing rapidly. ATGL which operates through its subsidiary called Adani Total Energy E Mobility Ltd. ATIL now has installed 4,908 nearing 5,000 mark charge points across 26 states and union territories covering 226 cities. This equals to 51 megawatt of installed capacity. With a strong adoption and continuous expansion which our ATIL team is doing, we are on track record and our ambition of installing 10,000 EV charge points is going to be realized very soon in the future.
We have a joint venture company, Indian Oil, Adani Gas Private Limited IOAGPL. It’s a 5050 JV between ATGL and IOCL which is a Fortune 500 company. I will give you now a consolidated numbers on a Pan India basis. Our CNG station together with our JV partner have now increased to 1120 CNG stations. We have now crossed 12.5 lakh, 1.25 million PNG home connections, 11,006 commercial and industrial consumers, 27,000 inch kilometer of steel piping network and 10,000 kilometers of electricity MDP pipeline. This gives you the idea of a mass infrastructure which has been developed by ATGL and our joint venture partners and together with it it shows you the strength of our ATGL across Pan India basis.
You are aware that Collectively we have 53 geographical area which translates into 125 districts out of which 34 geographical area, 95 districts are being serviced by ATGL directly and 19 geographical area translating into 30 districts are being catered by our JV company IOAGPL. During the quarter the CGD industry witnessed two important tax and regulatory development that strengthened the overall cost framework. First, the transition to the 2% CST from earlier 15% value added tax on natural gas which was being transported outside Gujarat. Although the CST benefit was largely offset by higher gas costs and USD exchange rate increase, it provided a big breather for us because otherwise that would have been an additional cost.
Second, the introduction of a simplified two zone transmission tariff structure from earlier three zones under which entire supplies made for domestic PNG and CNG transport segment is now being applied only zone one tariff irrespective of a distance. So from east to west, north to south anywhere we supply gas we’ll only get zone 1 tariff which is 54 rupees for PNG, home and CNG entire supplies whether it is APM, Nueval Gas, HPHT or RLNG which we source entire supplies which happens to these two segments of our business which is significant we get zone one tariff and this reform has been brought out by PNG RBR regulator who was clearly shown as a facilitator for the growth.
Given the ATGL’s consumer centric approach, we have reciprocated and provided better affordability to home, PNG and CNG consumers by reducing the PNG and CNG prices in a calibrated manner across various geographical areas. Now let me take the financial side. During the quarter ATGL delivered a robust performance in quarter three and over the nine month period supported by consistent volume growth and disciplined execution. Revenue from operations for the third quarter rose by 17% to INR16.31 crore while revenue for the nine months period increased by 19% to INR 4,692 crore. Driven by overall volume growth, earning before interest tax, depreciation and amortization which we call it EBITDA for the third quarter increased by 15% to INR 313 crore.
Now this is despite several impacts which we have stated including the Labor Code impact and EBITDA for the nine month period rose by 3% to INR 916 crore. Profit before tax for for the third quarter increased by 10% to INR 212 crore while profit before tax for the nine month period was marginally lower by 3% at INR 649 crore which has been explained in our investor presentation. Profit after tax for the third quarter has increased by 10% to INR 157 Karod while PAT for nine months period has marginally decreased by 3% to 481 crore. Again for this we have provided detailed explanation in our investor presentation.
I am proud to share that your company Adani Total Gas Ltd. Has the sustainable journey continues to gain strong recognition. This year our S and P Dow Jones Sustainability Index score has now risen to 72. We started journey from almost 50 point last two years back and now it is 72 which is placing ATGL globally at the 9th rank in gas utility sector in India. We are number one on gas utility sector side. Our Carbon disclosure project rating has now been upgraded to the category A which is the leadership category and the highest category under CDP requirement.
These dual upgrades underscore our unwavering commitment to responsible growth, transparent governance and cleaner future ready energy ecosystem. I am also delighted to share that ATGL has been honored with the prestigious Gold Award for Safety Excellence at the Apex India Safety Award 2025. An important reflection of our unwavering commitment to safety and also reminding us that there is a lot more to be done as a responsible corporate as we move forward. We remain committed to accelerating our network expansion, enhancing customer experience, deepening which is very close to the part of our DNA digital integration and strengthening our sourcing portfolio.
With a clear strategic roadmap, a strong balance sheet and a dedicated team, ATGL is well positioned to deliver sustainable growth and long term value for all its stakeholders. In closing, I would like to say that we remain committed to playing a leading role in India’s energy transition journey by providing affordable and reliable low carbon energy for homes, transportation, industrial and commercial users. And I would like to acknowledge and be thankful to all our stakeholders, our promoters, analysts, fund houses, consumers, our dealers, our suppliers, partners, business partners and most importantly our employee which we have. Employee first policy for Adani Total Gas Adani Total Energy Limited Adani Total Biomass Limited for providing trust and continued support.
Thank you. Now it is open for questions.
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 the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue symbol. The first question is from the line of Yogesh Patil from Dollar Capital. Please go ahead.
Yogesh Patil
Thanks for taking my question sir. Am I audible?
Suresh Manglani
Yes please you are audible.
Yogesh Patil
Couple of questions. NGRB implemented two journal transmission carries. What is the impact on our cost of gas? Is it increase decrease and if you can share a quantum it would be helpful.
Suresh Manglani
Okay, please continue your question. I’ll try to memorize as much I can. I’m growing also I think rice. Yeah.
Yogesh Patil
Second one CNG volume growth of 18 yui. Really a good set of numbers. If you could share the CLG vehicle additions in in your geographical areas over the period of last two years. Along with this if you could also share the CNG volume growth from your new Geographical areas versus the old geographical areas and and the last one related to the ATM gas price buildup. What is the share of a concrete biogas blending in terms of a volume? Is it a more than 22% or less than 2% in the ATM gas side?
Suresh Manglani
Good, good questions Yogesh. First of all let me thank you for I think regularly following up this sector and also ATGL related. If you could please mute your mic because there’s a lot of disturbance. So I think you have been a regular participant in our investor calls. It also shows that you have been following following up regularly this engineering sector as well as ATGL and your penetrated questions reflects the same. Now let me take question one by one and my, I have my colleagues who deals with these subject matters but broadly let me say first few things and then thereafter I will hand over to the team because I think your questions will resonate with a lot of other investors as well.
To John, I think it’s as I said it’s a good reform. Regulator has acted as a facilitator to give the growth boost for the sector and more importantly I think regulator has seen the consumer interest in the mind. So 2 zone to 3 zone to 2 zone is a good way to move forward. It brings efficiency. But more importantly I think what the facilitating part of a PNGRB has been done is that they have applied with the consensus of industry. This was the most complex job that they have to take. Everybody’s concerned including transmission partners.
With that consensus they have applied zone 1 tariff of 54 rupees for entire PNG and CNG volume. Not alone APM volume. It means whatever we sell which must be around I think around 70%. Around 70% of our volume that now has Joan 1 tariff 54 rupees as against earlier significant amount volume. The amount was going on June 2nd. Now what has it is brought largely in Most of the GA barring 23 gas of Gujarat we have been benefited significantly on terms of freight transportation as well as the GST part which gets reduced further. 2 3Gs of Gujarat have very slight implication of tariff going up because they were earlier in zone one.
Now they remain in zone one from earlier 42 rupees to 54 rupees will have an implication of 14 rupees around 30%. But the volume in those GS are still significantly lower as compared to our overall volume growth and the exit volume which is happening. So I think net net it has brought a good momentum boost. But as I said for us you know it is not to see what is coming as a saving for us. As I have been saying all along consistently in my all investor calls, our main aim is to grow volume, widen consumer base, bring affordability in the consumer hands and provide operational delightness to the consumers.
So keeping these objectives in mind which has been mandated by our chairman to us, we have immediately reduced the prices of PNG and CNG. And mind you even in those areas where zone 1 tariff now was higher 2,3Gs which was lesser volume not to disappoint our CNG consumers because neighbor would have a decrease in the price and they could have increase in the price. We in fact slightly decrease the price to overall motivate our consumers to give a right message to a CNG community that we are here to stay and they should go ahead and convert their vehicles to cng.
So aim is to widen consumer base. A good step by pngrb. Second I think you asked CNG volume growth and number of vehicle. I’ll hand over to Ravinder and our CFO Priyash to give you the answer. On APM side I can give you some you know overview about blending part. You know today there is a blending requirement of 1% and then 2% overall production itself is significantly lower of a CBG. And it works in two ways. Largely in a single way I would say that we also produce CBG through our Barsana plant and also through our Varanasi plant which we purchased from our Varanasi foundation which is there from Gujarat, the Adani Foundation.
But also we purchased CBG from various developers. But how it works mechanism Yogesh Bhai is that it is purchased under SATTAT scheme under TRI party agreement. In that meaning is that CBG volume gets into the pool of APM and gas and that price becomes UBP unified base price. So 6 and a half dollar or 6.75 dollar will go slightly up depending on the quantity which gets blended in cbd. So this is a universal quantity. Now we need to come to an interpretation along with the ministry that now when it is being let’s say if I buy Namdabad and I get it pooled and that price is shared by every other cgd.
Now whether this is blending for all or blending for only us now this is the area which we are currently discussing. But currently our blending part is much much lesser than what you are indicating.2%. I think our sourcing team will give you further information. Ravinder, I think you can.
Ravindra Desai
Good morning everybody. So on the part of CAG There is a 17% growth as sir explained so respective to ATG and GS we are seeing growth of around 31% in the vehicle addition quarter on quarter which is the addition of around 45,000 vehicles compared to the last quarter. In addition to that you have asked regarding the cbm. So currently we are purchasing CBM to the tune of 1% of our total consumption and that is probably you can consider as blending of CBM into the natural gas.
Yogesh Patil
So this 45,000 vehicle addition is compared to the quarter second FR26 or quarter third FR25.
Ravindra Desai
Last quarter. Compared to last quarter 45,000 vehicles have been added in ATG and DS and.
Yogesh Patil
What would be the total number of CNG vehicles to them? We are saving the CNG now.
Ravindra Desai
So if you are talking about quarter on quarter, total number of vehicles around 3 lakh vehicles were sold India level.
Yogesh Patil
Thanks a lot sir and all the best. Thank you.
Ravindra Desai
Thank you.
Suresh Manglani
Thank you.
operator
Thank you. The next question is from the line of Vartarajan from Antique Stock Broking Ltd. Please go ahead.
Varatharajan Sivasankaran
Thank you for the opportunity Sir. In terms of the mix of gas which you are using as of now, if you can give us an idea and also specifically if you have any insight into how the new world gas supply has gone down for all the CG players, how it has gone down for you and is there any kind of a base or a trend you observe how this is actually progressing and if you have any expectations in the month of April in terms of further like you know modification of allocation as well. Thank you.
Ravindra Desai
So we have not what has happened. The APM allocation has increased a bit which is probably good for the industry and in terms of the domestic cash considering APM, dual gas and HPHT I would say it would comprise of around 65 to 70% of our portfolio and the balance would be RLNG. So we are not seeing much deplete in this domestic grade production in the last quarter. I would say the proportion what was expected probably reduction in APM and increase in Nueva Gas that has not happened and that is good for the industry. So probably that is better for ktgl.
I would say the proportion of allocation from Nival Gas has not increased.
Suresh Manglani
So any of you if you are not satisfied with our answer please do raise it again. We’ll make sure that you are fully satisfied with our responses.
Varatharajan Sivasankaran
You have any expectation come April? Do we see one more round of cut? How is this predictability originally like supposed to be getting some kind of an advanced notice in case like you know there is a cut which is going to be Implemented. If I remember right, it was supposed to be somewhere around six months.
Suresh Manglani
Yeah.
Varatharajan Sivasankaran
Is that process being followed? Are we looking at something happening in April or not?
Ravindra Desai
I would say not so much advanced notice but not. Not a big problem. Also we are seeing the allocation continue in the similar trend what it was happening earlier. So we are not facing much issues there.
Suresh Manglani
Please, please go ahead.
Varatharajan Sivasankaran
No, that is. That is fine sir. So in terms of our rollout of services additionally, what is the target we are looking at in terms of number of outlets to be added for the rest of the year this year as well as any plans for next year and the following year? If you can give us a visibility for yourself on a standalone basis as well as let you know your joint venture.
Suresh Manglani
So Vadaraji actually see there is one guiding factor for us is that we have bidded our minimum work program on CNG station, right? So 680 numbers is currently and as we have said that we are rolling it out every year additional number this next quarter also will see some more number. What we do is actually that we plan it out basis the the way we see traction of a volume while keeping in mind overall weightage of MWP the way we have given. So I think you will see a healthy growth in our CNG station. Our actually focus is not only driving through the main engine of a Colo station which is co located with Oil Marketing Company.
If you see from our commentary that we had 136 CNG station on Kodo Dodo so that takes slightly better more time. Our focus is to grow this network because this gives us leverage for future value addition of businesses. In addition to that this also gives us the customer experience as Adani and Total would like to give to our consumers. So you will see growth in that segment as well as currently when I am speaking to you Pan India we have opened the dealership Lois and there is a continuous advertisements going on. So both on a Colo front wherever we require to do initial mobilization of CNG station in our new geographical areas but largely in existing geographical areas we are growing through the KODO or Dodo stations.
So I would tell you that you may please wait for our results. Actually which we announce numbers will be healthy for both CNG in this quarter as well as for the next year.
Varatharajan Sivasankaran
One last question on the throughput for outlet. So given the fact that we have had a very very healthy addition to number of vehicles last quarter, what would be the average throughput for outlet in terms of kgs per day or cng?
Suresh Manglani
Again this is a Very good question you asked actually and this is a curiosity we also carry because we have 34 GA. It means 95 districts. Every GA as is at a different maturity level. So if you ask me there will be a. Let’s say if you ask Faridabad for example Faridabad will have very high throughput of let’s say 6,000 odd or maybe ranging to up to 10 to 12,000 15,000 kgs per station. If you ask Ahmedabad it may be generally minimum 4,000 but ranging in around 5 to 6,000 and going upward and upward because these are mature G same is our Kurja ga Pal ga.
But if you ask the newer geographical area you will find recently inaugurated station maybe 500kg and then newer little more older station going to 1500kg to 2500kg. So it is very wide. And if I give you one generalized number of throughput on 680 station it may not actually give you right perspective. Your conclusion may not be right. It is actually the way CGD life cycle gets developed. We are we see actually a good traction of a volume across all geographically and you are seeing CNG volume traction. You are also seeing that how new vehicles are coming up, how the retro pitments are going up.
The important part actually what we are seeing is the traction even in the goods vehicle which we are seeing and you can see the vehicle which have been newly purchased on the goods vehicle side also. Also I would like through your platform also to tell you that while we are discussing today you are seeing that across various geographical area and we are expanding that we have launched substantive, you know incentive plans for our CNG consumers for either buying new vehicle from any OEM Maruti, you know Hyundai and any other OEMs. Similarly on a retrofitment we are giving significant amount of a cashback of 15,000 to 20,000.
For vehicle three wheeler is very different around 10 to 15,000 and for bus truck one to one and a half lakh. That you can take the cash back from us in form of a CNG refill. So this helps us to widen. As I said in the beginning and I have been saying for all my investor call Adani Group and TotalEnergies aim through ATGL is to widen consumer base focus on volume growth. Throughputs will be the consequence of that.
Varatharajan Sivasankaran
If I may I had a couple of more questions. There is a long queue. I’ll come back. I didn’t want to set it on.
Suresh Manglani
A neurology for insightful questions. Thank you. Hope we could answer you to your satisfaction? Yeah.
Varatharajan Sivasankaran
Thank you.
operator
Thank you. A reminder to all the participants. You may press star and one to ask a question. The next question is from the line of Kiran Mehta from Baroda BNP Paribas Mutual fund. Please go ahead.
Kirtan Mehta
Thank you sir for the opportunity. You mentioned that we have around 130 Kodo as well as dodo stations and you also gave us certain ranges of the throughput per outlet. So I just wanted to understand the thought at what level of throughput the dealer owned dealer is willing to make investments into the station and ready to go for a dodo station. And how does the economics work out for dealer? So what sort of gives a comfort that they’ll be able to sort of earn the good IRR on the investment. That was the first question. And second question was about you also give us a told us that 45,000 quarter on quarter vehicle additions has been done.
Just wanted to understand the breakup between Gujarat and outside Gujarat as well as within Gujarat. Where is the growth coming from? Is it largely the is it possible to give a breakup in terms of the private cars, commercial vehicles and different grading to understand the source of growth?
Suresh Manglani
Good, thank you. Actually and thanks for asking for the supplementary question on KODO and Dodo which I thought was very pertinent for me even to explain. But answer was going very long. So I think you are now giving me opportunity to explain to you further. I think you know for a dodo dealer the more important is that he has to see the not only the immediate volume but over the period where his volumes are going to be heading. And then we also help him to see that even if he comes with a one land parcel which is not very strategic, we will guide him to bring the better location.
That’s the reason number you are only seeing 136. Our target was 400. But we are being very calibrated way that dealers should finally get a good irr. So I am very happy to tell you that by and large there will be some pockets where we are again boosting through these schemes more and more volume to come in. I think that there is a healthy volume growth. That’s the reason your response to our LOI is overwhelming. Actually the continuously everybody is asking for another CNG station and that there is a repeat. The people who are having station in Gujarat for example they are continuously asking us more CNG station in Udaipur or Bilwada or in other places and similar is a vice versa.
The dealer which is in other location is asking the new locations institution. So I think overall it’s a confidence level which is there they are building up a good important, you know this business is that they have a confidence in our technology and this processes where there is no adulteration possible. There is no malfunctioning possible by the people. So they are also fully assured that if they are deploying a manager they can and the land remains with them only. So there are various business aspects besides only throughput. But throughputs are healthy I would say. And then again as I said in the original original answer that depends upon some places.
Udaipur is stations is even ranging up to 10,000kg but Biloada may be 2,000kg. So actually it depends upon where it is. And investments are also similarly some place stations are very small, some are very large permits. So depending upon location, you know. And also we give some rental amount to them or the one or two years for them. We give them business development support fees for some new geographical area. So we are a partner in prosperity. We don’t see only the dealer should make make everything from his side. So I think we try to make sure the dealers remains sticky with us and volume throughput.
Again as I said IRR will depend upon investment by the dealer depending upon land size etc. And formats. But overall it is encouraging for us. The dealers are on network is growing and the only number of vehicle breakup. I think Ravinder will give you the.
Ravindra Desai
So on the wake up breakup you the state of Gujarat around 30,000 vehicles have been added in the last quarter and out of that around 43% is in Ahmedabad and the balance is in rest of Gujarat.
Kirtan Mehta
Thank you. So for this clarification just couple of follow ups in terms of the dealer incentives. What would be the range like? What we understand is I think 3 to 5 rupees per kg what we typically do AMC charge. So if a station is owned by dealer owned dealer operator what could be the different range across different cities or different geographic areas? And on the vehicle as well, is it also possible to categorize in them into sort of the taxis, commercial vehicles or cars? Is that a breakup also possible?
Suresh Manglani
Yeah. So actually on the dealer margin which you are asking again as I said depend upon new geographical area. What is our focus? Let’s say Tamil Nadu may have very different margin versus the Ahmedabad which is very, you know, matured with very high throughput volume. So again I think you are asking a question which is very specific the commercial inquiry for the new dollar dealer station. And if you are interested or some of your friends and colleagues are interested. I think it is important that you ask them to log in our website and because everything is online and they should show the interest and our team channel team will immediately get in contact with them and give them the complete specific location, basis, margins and what supports we extend, you know, what rental we pay.
So these are very specific commercial inquiry about a particular business. Now regarding the breakup of vehicle, Navinder, you would like to provide.
Ravindra Desai
Actually we do not have a breakup of the vehicles. However, we’ll let you know later.
Kirtan Mehta
Sure. Sir, thank you for this color.
Suresh Manglani
Thank you. Thank you.
operator
Thank you. The next follow up question is from the line of Vartarajan from Antique Stock Broking Ltd. Please go ahead.
Varatharajan Sivasankaran
Thanks for taking my question again sir. In terms of the vehicles like just now you gave so much a detail under 35,000 would you have a sense of how much is OEM and how much is retrofitted among that? Sir, An approximate number will be, you know, even a cent would help. Is it like 10%, 20%.
Suresh Manglani
So I may say if, if from a point of view of, you know, directional point of view, I think it’s the significant number is the OEM number. Now actually the trend is largely people are opting new vehicle, the CNG vehicle because there are incentive which we are offering the. The kind of a promotion which Maruti is doing along with us or even other OEMs are doing it. So you will say that around 2 3rd, 1/3 could be the proportion of the OEM vehicle versus a retrofit vehicle. The exact numbers Ravinder will supply to you through Adish so that you are aware.
And if any other investors are interested we could give them those information because these are publicly available information in RTO sites. So Peran side. So we’ll able to give them whatever we could expect from there. Thank you.
Varatharajan Sivasankaran
My second question was on the industrial side of the business, what is essentially getting that? You know, I. Are there any concerns which are actually causing a problem in terms of growth? Are we looking at any kind of a regulatory change or implementation of pollution norms which can actually help going forward or I mean anything which can actually open things up for us. And as of now what is the kind of a growth rate we are seeing? Just wanted to get a sense of that.
Suresh Manglani
So I think you are bang on the point actually. While the customer must have a choice of a fuel which he wants to opt for the industrial unit which is running and that is what is getting reflected in our growth or the slightly lesser volume which we got in this quarter because Alternate fuels particularly the LPG propane are actually were very moderate and prices were reduced. Prices came down significantly during the quarter. But despite that I’m very happy that you know our team sourcing team and the project, our teams they could manage to sustain the number of a very healthy number across the ga.
But this this stress will remain because if the the alternate fuels are getting cheaper particularly the liquid fuels then that brings you know pressure on the R pricing as well. But good part is that we have very strong sourcing portfolio. That’s what is reflecting not only in the volume but also in the EBITDA growth which we have shown pat PBT growth year on year basis despite the challenging times of alternative fuel being cheaper and gas prices sometimes anarium were very sharply higher. Actually now what we need actually one thing which everybody is looking forward compliance to the policies of you know what have been notified by government.
For example in NCR you are supposed to use only natural gas or a cleaner fuel. But we find even some places those issues we find that if people find some ways around it. Second, I think there has been a industry has been requesting and we are engaged with the authorities who are policymakers like that there has to be some sort of motivation for MSMEs to opt for voluntarily opt for a pipe natural gas because to get the level playing field across the country. So I think industry has been requesting for some sort of connection incentive for taking first time PNG supply and also consumption linked incentive or whatever nomenclature policymakers may call it that will boost the actually consumption of natural gas in the country across Pan India and also give major boost to the infrastructure utilization of CGD companies.
So that is one thing we are every industry is aspiring to achieve and we are seeing quite positively positive at the policymaker side. It takes time but I think I’m sure someday we will see these major policy reforms as well.
Varatharajan Sivasankaran
Great. Thanks a lot for all the answers.
operator
Thank you. A reminder to all the participants, you may press Star and one to ask a question. A reminder to all the participants, you may press Star and one to ask questions. As there are no further questions from the participants I now hand the conference over to Mr. Adish Vakaria for the closing comments. Thank you. And over to you sir.
Suresh Manglani
Thank you once again to all investors funds analysts for taking the time to join our quarter C earning goals. If you have any further questions or queries please feel free to reach out to us. The contact details are available on the website as well as on the investor relations press release. Thank you so much.
operator
Thank you very much on behalf of Adani Total Gas Limited. That concludes this conference. Thank you for joining with us today, and you may now disconnect your lines.