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Revenue
₹1,145 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
₹308 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
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%). EBITDA margin expanded ~250bps to ~24.9% due to efficient gas sourcing and operating leverage. Management highlighted progress in new businesses: 1,212 EV charging points, first LNG station commissioning, and CBG plant commissioning. Guidance includes 10 LNG stations this year and continued CGD expansion. Risk: APM gas allocation volatility could pressure margins if not offset by HPHT gas.
Colored figures show movement against the previous available record.
Guidance to track
- ATGL targets commissioning 10 LNG stations in the current financial year, with the first station in Tirupur, Tamil Nadu.
- ATGL expects to commission 3-4 CNG stations in Jalandhar within 1.5 months and begin CNG dispensing.
- Phase 1 of the Barsana biomass plant is commissioned; ATGL is adding paddy straw and pressmud feedstock to increase CBG and fertilizer output.
Risks flagged
- APM allocation reduced by ~2% in Q1, impacting gross spreads. Management expects normalization but risk of further cuts remains.
- 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.
- CBG production cost is higher than APM gas; profitability depends on subsidies, carbon credits, and fertilizer sales. Management acknowledged the challenge.
Key quotes
- Our view is that for the next many years, actually, and immediately, the LNG is the most suitable available fuel, provided we bring certain advocacies in place as well as certain economics in place.
- We have a very significant amount of HPHT gas in our portfolio. To share with you, of our overall portfolio, about 50% is APM, 30% is the HPHT ceiling gas, and about 20% is RLNG.
- We are expecting from day one itself, we have a good CNG volume from there.
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