Adani Total Gas (ATGL) on Tuesday reported an 8.2% year-on-year (y-o-y) increase in net profit to Rs 471.9 crore in FY21 on a standalone basis, as the company utilised lower natural gas prices amid drop in demand during lockdowns.
Revenue from sales fell 10.4% annually to Rs 1,784.5 crore in FY21 while the price it paid for buying natural gas fell at a sharper rate of 27.3% to Rs 770.7 crore in the same period.
The sales volume for the fiscal fell 12% y-o-y to 515 million standard cubic meters (mscm) as piped natural gas (PNG) demand fell 1% and compressed natural gas (CNG) supply dropped 22%. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) in FY21 increased 17% y-o-y to Rs 749 crore. “This is the third successive quarter of highest-ever financial performance with robust physical infrastructure growth despite ongoing pandemic,” Suresh P Manglani, CEO of ATGL, said.
ATGL added 102 new CNG stations in FY21 and laid more than 170 km of pipeline. It also added 40,939 domestic PNG connections and 500 industrial and commercial customers in FY21. It commissioned 90 CNG stations in new geographic areas, which were won in the ninth and the tenth rounds of auctions. ATGL added 12 CNG stations in existing the GAs where it has already been operating. The company aims to achieve capex of around Rs 1,200 crore in the ongoing fiscal.
ATGL was earlier known as Adani Gas, before French energy giant Total took over 37.4% stake in the company in 2020. “These outstanding results are a testament to the excellent synergy between Adani and Total,” Gautam Adani, chairman, Adani Group said on Tuesday.