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Adani Total Gas Limited — Q2 FY25
Adani Total Gas reported Q2 FY25 revenue of ₹1,315 crore, EBITDA of ₹313 crore, and PAT of ₹178 crore.
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Adani Total Gas reported Q2 FY25 revenue of ₹1,315 crore, EBITDA of ₹313 crore, and PAT of ₹178 crore. Overall volumes grew 15% YoY driven by network expansion and stable gas prices. The company added 577 CNG stations and 8.93 lakh PNG homes. A key development was the 16% reduction in APM gas allocation from October 16, which management is addressing through a calibrated price approach and cost optimization. The company secured $375 million in global financing for infrastructure. Guidance remains cautious: no specific margin targets, but management aims to balance volume growth and margins. Risks include further APM cuts, potential margin compression, and slower volume growth if prices are raised.
अडानी टोटल गैस ने दूसरी तिमाही में 1,315 करोड़ रुपये की कमाई की। कंपनी का मुनाफा 178 करोड़ रुपये रहा। गैस की बिक्री पिछले साल से 15% बढ़ी, क्योंकि नए कनेक्शन जोड़े गए और गैस के दाम स्थिर रहे। कंपनी ने 577 नए CNG स्टेशन और 8.93 लाख घरों में पाइप गैस कनेक्शन दिए। 16 अक्टूबर से सरकार ने सस्ती गैस की आपूर्ति 16% घटा दी, जिससे लागत बढ़ सकती है। इसका मुकाबला करने के लिए कंपनी दामों में संतुलन बनाए रखेगी और खर्च कम करेगी। कंपनी ने बुनियादी ढांचे के लिए 375 मिलियन डॉलर का कर्ज लिया है। आगे मुनाफे का कोई पक्का लक्ष्य नहीं है, लेकिन कंपनी बिक्री बढ़ाने और मुनाफा बचाने के बीच संतुलन बनाए रखेगी। जोखिम हैं: सस्ती गैस में और कटौती, मुनाफा कम होना, और दाम बढ़ाने पर बिक्री धीमी पड़ना।
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Overall Volume Growth
15%
+15% YoY
Overall volume rose 15% year-on-year due to network expansion and stable gas prices.
CNG Stations
577
+113 stations (CODO/DODO)
CNG network increased to 577 stations, with 113 in CODO/DODO format.
PNG Homes
8.93 lakh
+350-400 homes per day
PNG homes reached 8.93 lakh, adding 350-400 new homes per day during the quarter.
EV Charging Points
1,486
Targeting 3,000 soon
EV charging points increased to 1,486 across 21 states, with a target of 3,000 soon.
What Changed vs Last Quarter
NEW
Calibrated CNG price increase expected
Management plans to pass on some cost increases to consumers in a calibrated manner to balance volume growth and margins.
NEW
CapEx acceleration via $375M financing
The company raised $375 million to accelerate network infrastructure development over the next 24 months.
NEW
EV charging points target of 3,000
Management aims to reach 3,000 EV charging points in the near future.
NEW
LNG for transport and mining expansion
First LNG station commissioned in Tiruppur; more stations under construction to cater to long-haul trucks and mining.
DROPPED
10 LNG stations to be commissioned in FY25
ATGL targets commissioning 10 LNG stations in the current financial year, with the first station in Tirupur, Tamil Nadu.
DROPPED
Jalandhar GA to start CNG dispensing within 1.5 months
ATGL expects to commission 3-4 CNG stations in Jalandhar within 1.5 months and begin CNG dispensing.
DROPPED
CBG plant commissioning completed, diversifying feedstock
Phase 1 of the Barsana biomass plant is commissioned; ATGL is adding paddy straw and pressmud feedstock to increase CBG and fertilizer output.
NEW RISK
Margin compression from higher gas costs
If CNG prices are not raised sufficiently, EBITDA margins may decline; management has not yet passed on costs.
NEW RISK
Volume growth slowdown from price hikes
Raising CNG prices to offset higher costs could dampen demand and slow volume growth.
NEW RISK
Dependence on new well intervention gas
The replacement gas is priced at a premium (12% over basket price) and allocation is only until March 2025, creating uncertainty.
RISK GONE
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.
RISK GONE
CBG 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.
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Guidance and risk preview
Management plans to pass on some cost increases to consumers in a calibrated manner to balance volume growth and margins.
A 16% reduction in APM gas allocation from October 16 could increase gas costs and pressure margins.
View Risks →