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Adani Total Gas Limited — Q3 FY25
Adani Total Gas reported Q3 FY25 revenue of ₹1,397 crore (+12% YoY) and EBITDA of ₹272 crore, with EBITDA margin of 19.5%.
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Adani Total Gas reported Q3 FY25 revenue of ₹1,397 crore (+12% YoY) and EBITDA of ₹272 crore, with EBITDA margin of 19.5%. CNG volumes grew 19% YoY to 171 MMSCM, driven by network expansion and affordable pricing. However, APM gas allocation for CNG was cut twice during the quarter, averaging 47%, partially offset by new well gas and HPHT gas. Management expects margin stability around ₹10-12 per SCM, with APM restored to 51% from mid-January. Risks include further APM cuts and high spot gas costs. Capex guidance for FY25 is ₹900-1,000 crore.
अडानी टोटल गैस ने तीसरी तिमाही में 1,397 करोड़ रुपये की कमाई की, जो पिछले साल से 12% ज्यादा है। कंपनी ने 272 करोड़ रुपये का मुनाफा कमाया, जो कमाई का 19.5% है। सीएनजी की बिक्री 19% बढ़कर 171 मिलियन मानक घन मीटर हो गई, क्योंकि कंपनी ने अपना नेटवर्क बढ़ाया और कीमतें सस्ती रखीं। हालांकि, सरकारी गैस आपूर्ति में दो बार कटौती हुई, जो अब 47% रह गई है। इसकी भरपाई नए कुओं और महंगी गैस से की गई। कंपनी को उम्मीद है कि जनवरी के मध्य से सरकारी गैस 51% पर लौट आएगी और मुनाफा 10-12 रुपये प्रति यूनिट रहेगा। जोखिम में और कटौती और महंगी गैस शामिल है। इस साल कंपनी 900-1,000 करोड़ रुपये खर्च करेगी।
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Further APM gas allocation cuts
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CNG Volume
171 MMSCM
+19% YoY
CNG volume grew 19% year-on-year to 171 MMSCM in Q3 FY25.
Total Volume Growth
257 MMSCM
+15% YoY
Total gas volume (CNG+PNG) grew 15% YoY to 257 MMSCM.
CNG Station Count
605
+28 stations QoQ
Added 28 CNG stations in Q3, total network reaches 605.
APM Allocation (CNG)
47%
-16pp YoY
Average APM allocation for CNG was 47% in Q3, down from 63% earlier.
What Changed vs Last Quarter
NEW
Capex of ₹900-1,000 crore for FY25
Management guided total capex for FY25 to be around ₹900-1,000 crore, including newer businesses.
NEW
EBITDA per SCM expected to remain in similar range
Management expects EBITDA per SCM to remain around ₹10-12, balancing volume growth and cost optimization.
UPDATED
EV charging points target of 3,000 by March-April 2025
Aim to reach around 3,000 EV charging points by March to April 2025, up from 1,914 currently.
DROPPED
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.
DROPPED
CapEx acceleration via $375M financing
The company raised $375 million to accelerate network infrastructure development over the next 24 months.
DROPPED
LNG for transport and mining expansion
First LNG station commissioned in Tiruppur; more stations under construction to cater to long-haul trucks and mining.
NEW RISK
High spot gas prices
Reliance on costlier spot and HPHT gas (25% of portfolio) could compress margins if APM allocation remains low.
NEW RISK
Uncertainty in APM allocation timeline
Analyst raised concern about quarterly review cycle; management could not provide clarity on future allocation changes.
RISK GONE
Margin compression from higher gas costs
If CNG prices are not raised sufficiently, EBITDA margins may decline; management has not yet passed on costs.
RISK GONE
Volume growth slowdown from price hikes
Raising CNG prices to offset higher costs could dampen demand and slow volume growth.
RISK GONE
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.
Fast read
Guidance and risk preview
Management guided total capex for FY25 to be around ₹900-1,000 crore, including newer businesses.
APM allocation for CNG was cut twice in Q3; further reductions could pressure margins despite restoration to 51% in January.
View Risks →