Adani Total Gas Limited — Q4 FY25
Adani Total Gas reported Q4 FY25 revenue of INR 1,448 crore, up 15% YoY, driven by 13% volume growth and strong CNG demand.
neutral
medium
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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.
70%Questions answered1Evaded / deflected10Questions audited
Partial answer
High priority
Sourcing mix: plans to increase non-APM gas and long-term energy tariff?
Asked by Puneet Gulati, HSBC
Management discussed strategy but did not commit to a specific long-term tariff plan or quantify non-APM sourcing targets.
no specific plan for long-term tariffno quantitative targets
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Question
How are you thinking about increasing your sourcing of gas from sources outside of the APM? And is there a plan to do a long-term energy tariff as well?
Suresh P Manglani, CEO
Yes, I think as we are seeing now realignment of policy on APM allocation... we are looking forward always the opportunities to not only source gas on short-term and mid-term as well as on the longer-term basis...
Answered
High priority
Breakup of 32% non-APM gas between HPHT and LNG?
Asked by Puneet Gulati, HSBC
Management clearly stated the remaining 35% is entirely HPHT, no LNG component.
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Question
You said 68% is APM plus new well gas. Balance 32%, is it possible to get a breakup between HPHT and LNG?
Suresh P Manglani, CEO
Entire volume of remaining 35% we have been able to secure through HPHT. 100% is being met through APM, new well gas, as well as HPHT volume.
Partial answer
Medium priority
E-mobility business: utilization rates, unit economics, revenue/EBITDA?
Asked by Puneet Gulati, HSBC
Management confirmed EBITDA positive but did not provide revenue or EBITDA figures, and utilization data was limited.
no revenue or EBITDA numbers givenutilization only for B2C, not overall
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Question
What kind of utilization rates are you seeing there? What is the unit economics there? Also, what is the revenue contribution and EBITDA, if at all, from this business?
Suresh P Manglani, CEO
It is an EBITDA positive business today for us. Utilization... on the B2C side, current utilization is relatively very low... on an average 2.5%-3% kind of a thing.
Answered
Medium priority
Investment in e-mobility so far and plan for current year?
Asked by Puneet Gulati, HSBC
Management provided specific cumulative investment and planned annual investment.
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Question
How much have you invested so far in this?
Parag Parik, CFO
Today, at this juncture, we would have invested a little over INR 100 crore. ...we would continue to invest about INR 70 crore-80 crore as far as the coming year is concerned.
Partial answer
High priority
Clarity on APM allocation going forward and two-quarter prior rule?
Asked by Yogesh Patil, Dollar Capital
Management acknowledged the policy but could not confirm when the two-quarter advance clarity will be implemented.
deferred to future clarityno timeline for implementation
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Question
Can you give us some clarity how this APM allocation will work going forward?
Suresh P Manglani, CEO
Today, it's a quarterly clarity, which I stated to you that is a 37% which has been allocated to us now. ...we need to certainly wait for the clarity which we receive on a two-quarter basis once it is implemented.
Partial answer
High priority
Volume growth guidance for next 1-2 years for CNG and PNG?
Asked by Yogesh Patil, Dollar Capital
Management reiterated double-digit growth but did not provide a specific range or breakdown by segment.
no specific numeric guidanceonly qualitative double-digit growth
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Question
If you could provide some volume guidance for the next one- to two-years in terms of the CNG and the PNG, that would be helpful.
Suresh P Manglani, CEO
We have been maintaining largely a double-digit volume growth. ...we hope to give you a similar track record of maintaining double-digit volume growth in the future as well.
Answered
Medium priority
Breakup of RLNG gas between crude-linked and Henry Hub-linked?
Asked by Yogesh Patil, Dollar Capital
Management provided a clear breakup of the RLNG portion by index.
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Question
22%-25% of RLNG gas is coming from the multiple linkages... how much portion is coming from the crude link and how much portion is Henry Hub link?
Suresh P Manglani, CEO
We can say around 22%-25% is oil linked. A similar percentage would be around 20% would be Henry Hub linked. A minimum percentage on the Wim Lind... Overall, 25% you have.
Evasive
Medium priority
Any relief on excise duty or GST for CGDs?
Asked by Varatharajan Sivasankaran, Antique Limited
Management did not provide any specific progress or timeline for excise duty or GST relief.
no concrete updateonly advocacy mentioned
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Question
Is there any kind of any other scope for relief for CGDs? Are those discussions now not happening?
Suresh P Manglani, CEO
Advocacy on multiple fronts continues... We have been requesting government, and we have been expecting that this would happen sooner than later, similarly on the GST side.
Evasive
Low priority
Breakup of CNG volumes by vehicle category?
Asked by Kirtan Mehta, BNP Paribas
Management stated they do not track vehicle category-wise volumes and redirected to public data.
no internal datareferred to public sources
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Question
Would you be able to give us a broad breakup of the CNG volumes in terms of the different categories of vehicle like cars, three-wheelers, taxis, commercial vehicles, LCVs, and buses?
Suresh P Manglani, CEO
At the station-wise, we are across all the stations... we are not capturing a type of vehicle-wise. ...there are public sources available as Ravinder was reading to you.
Partial answer
Low priority
Average utilization rate at airport chargers and outlook?
Asked by Kirtan Mehta, BNP Paribas
Management gave utilization ranges for different segments but not a specific average for airports.
no specific airport utilization numberonly ranges given
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Question
What is the average utilization rate there? How do we see utilization developing over one or two years?
Suresh P Manglani, CEO
On the outside, we do see utilization to be better compared to a pure public retail charging station... we have seen a pure B2C sort of utilization at around 1.5%-2%, whilst the more sort of concentrated utilizations have even gone and crossed double digits.
Answered
Medium priority
Volume breakup of PNG segment for the quarter and year?
Asked by Harsh Raj Aggarwal, Yes Securities
Management provided a clear percentage breakup of PNG volumes by sub-segment.
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Question
Could you help us with the volume breakup of the PNG segment in the quarter and for the year?
Suresh P Manglani, CEO
About two-thirds is really constituting CNG. Within the other one-third... close to about 20%-22% is on the industrial side. It's about 3%-4% is on the commercial side, and the balance 8% is on the domestic.
Answered
High priority
Differential APM allocation for newer GAs vs established?
Asked by Somaya V, Avendus Spark Institutional Equities
Management clearly explained the 6,000 SCM threshold for full APM allocation for new GAs.
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Question
Is there any differential treatment for newer GAs as things are kind of really starting up with an established GA?
Suresh P Manglani, CEO
The initial GAs, when you start the development... you get the full support up to 6,000 SCM. There is no allocation. You get first priority. ...if it goes beyond 6,000 SCM, then you come into the allocation process.