Adani Total Gas Ltd (NSE : ATGL) is a subsidiary of Adani Group, one of India’s largest conglomerates. The company was formed as a joint venture between Adani Gas Ltd and Total S.A., a French multinational oil and gas company, in 2018. The company is headquartered in Ahmedabad, India. Adani Total Gas Ltd is involved in the distribution of natural gas in India and has a presence in nine cities, including Ahmedabad, Bengaluru, Lucknow, and Jaipur. The company aims to provide clean and affordable energy solutions to households, industries, and transportation sectors.
The company’s core business is the distribution of Compressed Natural Gas (CNG) for vehicles and Piped Natural Gas (PNG) for households and industrial consumers. It also has a growing presence in the liquefied petroleum gas (LPG) segment. Adani Total Gas is committed to expanding its network and increasing its market share in the Indian natural gas industry.
The company announced its Q3FY23 results and reported a revenue increase of 63% to Rs 3,486 crore compared to the same period in the previous financial year. The EBITDA for the 9 months of FY23 was Rs 702 crore and the reported PBT was Rs 574 crore. The reported PAT for standalone operations was Rs 426 crore and the consolidated PAT for the 9 months of FY23 was Rs 449 crore.
Suresh P Manglani, the CEO of Adani Total Gas, stated that despite the volatile gas prices due to geopolitical issues, the company has delivered a good performance in the quarter. He attributes the company’s success to its calibrated approach and the moderation in international gas prices. Manglani also mentioned that the company expects an increase in demand for both PNG (Piped Natural Gas) and CNG (Compressed Natural Gas) due to the expected increase in domestic gas supply and allocation to the CGD (City Gas Distribution) sector.
ATGL has a strategy of acceleration and is working towards boosting the ecosystem for PNG and CNG in new geographical areas (GAs). The company has completed the minimum work program for FY24 in 11 out of 15 geographical areas awarded in the 9th and 10th round for its steel pipeline network and has completed the CNG stations required for the minimum work program in 14 out of 15 geographical areas for the same rounds. This is aimed at developing the ecosystem in these geographical areas and bringing CNG and PNG to more consumers.