APM gas allocation volatility
APM allocation reduced by ~2% in Q1, impacting gross spreads. Management expects normalization but risk of further cuts remains.
medium · analyst_question
Adani Total Gas Limited — Q1 FY25
Adani Total Gas reported a strong Q1 FY25 with revenue of ₹1,237 crore (+9% YoY) and EBITDA of ₹308 crore (+21% YoY), driven by 17% volume growth (CNG +20%, PNG +10%).
bullish
high
✓ Verified against BSE filing
Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Operating cost pressure from new geographies
OPEX per SCM has risen from ₹4.84 in FY22 to ~₹6 in FY24 due to front-ending costs in newer GAs. Management expects temporary pressure until pipeline network is built.
medium · analyst_questionCBG economics uncertain without subsidies
CBG production cost is higher than APM gas; profitability depends on subsidies, carbon credits, and fertilizer sales. Management acknowledged the challenge.
medium · analyst_question