Adani Total Gas Ltd, a city gas joint venture between the Adani Group and French energy giant TotalEnergies, announced a 21% YoY increase in its consolidated net profit to INR 97.91 crore ($13.13 million) for the quarter ended March 2023. The company retails compressed natural gas (CNG) to automobiles and piped natural gas (PNG) to household kitchens and industries. The sales volume for Q4 2022-23 increased by 2% to 193 million standard cubic meters. The total number of CNG stations now increased to 460 with the addition of 126 new outlets. The firm also commissioned 104 electric vehicles (EV) charging points at 26 locations across India and started its first compressed bio-gas (CBG) station at Varanasi, Uttar Pradesh.
For the full 2022-23 fiscal year (April 2022 to March 2023), Adani Total Gas Ltd reported a consolidated net profit of INR 546 crore ($73 million) on revenue of INR 4,683 crore ($626 million). The firm has expanded into e-mobility and biogas, with plans to create over 3,000 EV charging points and build one of India’s largest biogas plants in Uttar Pradesh.
Suresh P Manglani, Executive Director and CEO of Adani Total Gas Ltd (ATGL), praised the firm’s “resilience” and good performance “despite high gas prices throughout the year”. Manglani also welcomed the government’s decision to impose a ceiling price on domestically produced gas, which would “ensure stability in domestic gas price”. This drop in gas cost for city gas companies has been passed on to end consumers, which ATGL believes will drive increased demand across both PNG and CNG segments.
