Adani Total Gas reports 8% rise in FY23 net profit to ₹546 crore, announces plans to expand EV charging points to 3,000
Adani Total Gas
- Adani Total Gas on Tuesday reported a 21% year-on-year growth in March quarter profit to ₹98 crore.
- Its net margins fell by 400 basis points during the year to 11.7% as a sharp rise in the cost of natural gas ate into its bottom line.
- The company also announced plans to expand its electric vehicle charging point network to 3,000 over the next 12-18 months.
AdvertisementAdani Total Gas on Tuesday reported an 8% rise in its FY23 net profit to ₹546 crore even as its net margins declined by 400 basis points to 11.7% due to a sharp rise in the cost of natural gas, which saw an increase of 59% during the year. The Adani group company’s topline grew 46% during FY23 to ₹4,683 crore.
Adani Total Gas reported a net profit of ₹98 crore in the March quarter, growing at 21% YoY while its revenue increased 12% to ₹1,197 crore during this period.
“Adani Total Gas has shown resilience and delivered a good all-round performance both on physical infrastructure and financial front despite high gas prices throughout the year," said Suresh P Manglani, executive director and CEO of Adani Total Gas.
Despite the increase in the cost of natural gas, the company managed to increase its earnings before interest, tax, depreciation and amortisation (EBITDA) by 11% to ₹907 crore after passing on some of the costs to consumers.
On the physical infrastructure front, Adani Total Gas expanded its compressed natural gas (CNG) stations to 460, from 334 a year ago. Its total volumes of CNG rose 28% during the year to 459 million metric standard cubic metres (MMSCM), but piped natural gas (PNG) volumes fell 13% to 297 MMSCM due to a decline in demand from industrial customers on account of higher gas prices.
Adani Total Gas’ shares edged up 1% to close at ₹957 per share on Tuesday after the company reported its earnings. It has declared a dividend of ₹0.25 per share for FY23.
Adani Total Gas’ Q4 and FY23 in numbers:
|Particulars||FY23||FY22||Q4 FY23||Q4 FY22|
|Revenue||₹4,683 crore||₹3,206 crore||₹1,197 crore||₹1,065 crore|
|Net profit||₹546 crore||₹504 crore||₹98 crore||₹81 crore|
Source: Company reports
Expansion of EV charging points announced
Adani Total Gas announced plans to expand its footprint of electric vehicle charging points to 3,000 in the next 12-18 months from the existing 104 points.
The EV charging points will be set up by a special purpose vehicle, Adani TotalEnergies E-Mobility. These points will cater to both business as well as consumer segments, the company said in its exchange filing.
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