ATGL / Q1-FY25 / claim-ledger

Audit the questions that mattered.

Adani Total Gas · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY25 · 2024-07-30Back to quarter ↗

Questions audited

Answered directly

56%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Kirtan Mehta · BOB Capital Markets

partial

Why did gross spread decline by ₹1/SCM and what was APM gas availability?

Yes, there has been a slight impact on our margins because there was a reduction of about 2% in the APM allocation vis-à-vis the previous quarter. But having said that, we have a very diversified portfolio. ... of our overall portfolio, about 50% is APM, 30% is the HPHT ceiling gas, and about 20% is RLNG.

Kirtan Mehta · BOB Capital Markets

evasive

What is the annual throughput potential and economics of LNG stations?

Our view is that while we could always see the margins, etc., our view is this is a new fuel which is coming up in this country. ... There is a good case of economics. ... we are hopeful that this traction will come in the next few quarters.

Kirtan Mehta · BOB Capital Markets

evasive

What is the revenue and profit potential of biomass and EV businesses?

CBG holds a very good potential in terms of volume as well as on the profitability part. ... On EV, ... we see big numbers coming up in future ... we have formed a separate SPV.

Kirtan Mehta · BOB Capital Markets

partial

Is CBG production cost cheaper than APM gas or does it need viability funding?

While CBG cost would be definitely higher than what is APM gas, but should we see a long direct match of APM with the CBG price? Answer would be no because answer we need to see the integrated approach, the byproduct which they call fertilizer.

Nitin Tiwari · PhillipCapital India

direct

Why is operating cost per unit trending up and how should we view it?

If you actually go from a trend perspective, you are at an annualized OPEX of about ₹6 per SCM for last year. The first year is slightly short at about ₹5.96. Actually, if you see the quarter results, there has been a minor improvement as far as OPEX is concerned.

Nitin Tiwari · PhillipCapital India

direct

What portion of RLNG is spot vs term contracts?

RLNG you mentioned is all term in nature. There is no, I mean, you only take spot gas when there is an opportunity to take spot gas in terms of favorable pricing.

Nitin Tiwari · PhillipCapital India

direct

What is the PNG volume breakdown by domestic, industrial, commercial?

So I think if you go by the current quarter, close to about two-thirds, 66% is actually coming from PNG, and the other 34% is coming from PNG. Within the PNG, close to 70% is industrial, about 22%-23% is domestic, and the balance is commercial.

Arya Patel · Emkay Global Financial Services

partial

When will Jalandhar GA start contributing and what is its potential?

We are going to hear this news within 1.5 months when we are going to commission at least 3-4 CNG stations, and we will start dispensing CNG from Jalandhar. ... we have everything. Takeoff is available.