Adani Total Gas Expands CNG Presence, ATGL Share Price Surge 70% in Six Months

Today, Adani Total Gas saw its shares increase by 4% to ₹969 on the BSE following the announcement of a 71% increase in its consolidated net profit for the quarter ending in March, reaching ₹168 crore up from ₹98 crore the previous year. The company also reported a 4.7% rise in revenue, totaling ₹1,167 crore for the same period. Additionally, the EBITDA of this Adani group company soared by nearly 50% year-on-year to ₹305 crore.

As of 9:29 a.m. IST, Adani Total Gas share price were up 2.25% at ₹950.00 each on the National Stock Exchange (NSE). Over the past year, the stock has experienced a significant surge of 71%, surpassing the Nifty 50’s increase of 18% in the same time frame.

The board of Adani Total Gas has also proposed a dividend of ₹0.25 per fully paid-up equity share with a face value of ₹1 each for the fiscal year 2024, pending shareholder approval. The company has designated June 14, 2024, as the record date to identify eligible shareholders to receive the dividend.

Adani Total Gas expanded its network, increasing the total number of CNG stations to 547 by adding 91 new stations over the past year. The company stated, "We are exploring new business avenues in Compressed Biogas, EV Charging Infrastructure, and LNG for Trucking and Mining (LTM)." Additionally, Adani Gas inaugurated the first phase of its diversified feedstock-to-CBG plant in Barsana, Mathura, and has expanded its e-mobility services across 23 states. Suresh P Manglani, the Executive Director & CEO of Adani Total Gas, highlighted these sectors, along with LTM, as key areas for future growth.

Adani Total Gas reported a total sales volume of 232 million metric tonnes (MMT) in the fourth quarter, marking a 20% year-over-year increase. The volume of Compressed Natural Gas (CNG) rose by 21% in FY24, driven by the expansion of the network across various regions. Additionally, the volume of Piped Natural Gas (PNG) in the industrial sector recovered, and the company added new PNG connections in the domestic and commercial segments, leading to a 5% year-over-year increase in PNG volume. The cost of natural gas decreased by 6% over the year.

According to the company's announcement, the PNG home network grew by 1.31 lakh new households, reaching a total of 9.76 lakh PNG homes. Additionally, the number of industrial and commercial connections rose to 9,142, with 1,112 new consumers added during the fiscal year.  

Adani Total Energies E-mobility has successfully commissioned 606 EV charging points across 14 states, and is currently constructing an additional 1,040 EV charging points in collaboration with EV fleet companies, government authorities, tourism departments, and municipal corporations. According to the company, these developments will expand the EV network to cover 23 states and 217 cities.  

“The company is also looking at building new business opportunities in areas of compressed biogas, EV charging infrastructure and LNG for trucking and mining,” Manglani said in a statement.

Other Adani group companies like Adani Energy Solutions, Adani Power, Adani Ports, Adani Enterprises are expected to report their Q4 results this week.