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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why no CNG price hike despite APM allocation cut below 50%?
Asked by Yogesh Patil, Dolat Capital
Management gave reasons but no concrete numbers or timeline for price hike.
no specific timeline for price hikevague on quantum of OpEx savings
Read the exchange
Question
So my question is related to recent development of APM allocation, which has been cut below 50% to the CNG segment. And it was expected that the CNG price hike in the range of INR 3-INR 5 per kg, but still no price hike.
Suresh P. Manglani, Managing Director and CEO
we have not increased the price yet, for three reasons. One is, as I said, we believe that there is a responsibility cast upon us to do a little more deep dive, to see what we could do, our self-improvements in our... It pushes us certainly, to now see what layer of OpEx we could optimize.
Answered
High priority
Pricing terms of new well gas: 20% premium to $6.5 or $7.48?
Asked by Yogesh Patil, Dolat Capital
Management clearly explained the pricing mechanism and that ceiling is not applied.
Read the exchange
Question
So is it a 20% premium to $6.5 per MMBTU, or is it a 20% premium to the $7.48 per MMBTU?
Suresh P. Manglani, Managing Director and CEO
currently, what new well gas we are purchasing through the process which GAIL is running, we are buying at 20% of the basket average price, which is earlier used to be 10%, now it's twelve percent. They are not applying the ceiling currently.
Evasive
Medium priority
Will new well gas have a price cap if crude spikes?
Asked by Yogesh Patil, Dolat Capital
Management avoided giving a direct answer on potential price cap.
refused to speculateno commitment on cap
Read the exchange
Question
is there any talk going on that there will be a cap on these new well gas pricing?
Suresh P. Manglani, Managing Director and CEO
hypothetically, we cannot look at it, but, you have seen whenever the situation has arisen, on anything of this nature, I think we have seen the intervention. We saw that Kirit Parikh was one of the intervention which we saw to protect the interest of end consumer.
Evasive
Medium priority
Any talks on excise duty reduction for CGD?
Asked by Yogesh Patil, Dolat Capital
Management did not confirm or deny specific excise duty talks.
no confirmationgeneric statement about industry engagement
Read the exchange
Question
Some news folks are predicting that the CGD and CBG are in a negotiation with the ministry, so some talks are going on the excise duty part.
Suresh P. Manglani, Managing Director and CEO
Industry always keep continuing its, you know, issues, which is, which can work well for the industrial growth, business growth. So all that which you stated, and many more things, which are always part of a larger engagement by the industry with various stakeholders.
Answered
Medium priority
How is new well intervention gas allocated among CGDs?
Asked by Sabri Hazarika, Emkay Global Financial Services Ltd
Management explained the allocation process based on demand aggregation.
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Question
So right now, the allocation is happening just on the flow rate of the whole APM or is there some sort of like... I mean, how the government is deciding, how much gas to give whom?
Rahul Bhatia, Head of Business Development Gas Sourcing
GAIL has been in discussions and in formal written communication with all the CGD companies... understanding what is the requirement of the CGD entities with regard to priority segments. And based on that requirement, the new well gas has been allocated.
Answered
High priority
Did the new well gas fully replace the 15% APM cut?
Asked by Sabri Hazarika, Emkay Global Financial Services Ltd
Management confirmed near-full replacement of the APM shortfall.
Read the exchange
Question
So 15% that you have sacrificed, you have got back entirely 15% or you got lesser or more than that?
Rahul Bhatia, Head of Business Development Gas Sourcing
We got almost that amount we got.
Answered
Medium priority
What is the volume mix of CNG vs PNG and domestic share?
Asked by Sabri Hazarika, Emkay Global Financial Services Ltd
Management provided specific volume mix percentages.
Read the exchange
Question
And the third one is a bookkeeping question: What would be the share of new CNG in the volume mix of you?
Rahul Bhatia, Head of Business Development Gas Sourcing
two-thirds is CNG, one-third is PNG for the quarter. Within that one-third of PNG, your answer on what is domestic comprising of the PNG component, it's about 23%.
Partial answer
High priority
EBITDA margin guidance over next 2-3 years?
Asked by Sabri Hazarika, Emkay Global Financial Services Ltd
Management gave current EBITDA but no specific future margin guidance.
no forward guidanceonly historical number given
Read the exchange
Question
if you could give us some margin guidance on an EBITDA or SCM basis after this allocation part and over the next two, three years?
Suresh P. Manglani, Managing Director and CEO
our current EBITDA for SCM for this half year is closer towards INR 13. And while, you know, certainly so, as APM allocation has gone down, it will have its own impact as far as EBITDA realization for SCM is concerned.
Evasive
Medium priority
What spread between CNG and diesel/petrol is needed to sustain demand?
Asked by Kirtan Mehta, BOB Capital Markets
Management did not provide a target spread range.
no specific spread numberdepends on many factors
Read the exchange
Question
what is the differential that we like to maintain between the diesel and natural gas or in the case of petrol and the natural gas, which will not deter demand, in your view?
Suresh P. Manglani, Managing Director and CEO
It may not be a one generic number which we could give you. ... we always see both MS as well as diesel. Sometimes we are depending upon the pricing of a state, being the VAT, et cetera.
Partial answer
Medium priority
Where can cost savings be achieved in OpEx and gas sourcing?
Asked by Kirtan Mehta, BOB Capital Markets
Management gave OpEx per SCM but no detailed breakdown of cost-saving initiatives.
only one metric givenno breakdown of savings areas
Read the exchange
Question
could you also give us some more color in terms of the areas where you think the cost savings are possible, based on gas purchase cost as well as OpEx spend?
Suresh P. Manglani, Managing Director and CEO
we are at actually about INR 6 per SCM in terms of our OpEx, which, if you see in the first half of this year, we've actually brought it down from INR 8.
Answered
High priority
What is the current gas sourcing mix for CNG?
Asked by Ravi, Avendus Spark
Management provided specific percentages for APM, HPHT, and R-LNG.
Read the exchange
Question
Could you just help us with the CNG, so your volumes around month-end last quarter? So what was the sourcing mix, APM and other source of gas?
Rahul Bhatia, Head of Business Development Gas Sourcing
about 48% is APM, and now it's sort of very recently gone down by a few percent. And we've got HPHT gas, which is to the tune of almost about 30%. The balance is about, is R-LNG.
Answered
Medium priority
Will HPHT gas availability increase or decrease?
Asked by Ravi, Avendus Spark
Management explained reasons for expected increase in HPHT availability.
Read the exchange
Question
do we see this 30% HPHT that we are taking currently, the overall HPHT could there be a decline in terms of what is available at the country level and would that impact the 30% mix?
Rahul Bhatia, Head of Business Development Gas Sourcing
We actually see HPHT going up, or the availability going up for us specifically, and there are two reasons for that.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA per SCM for H1 is INR 13 | 13 | 313 | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.