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Revenue
₹1,219 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹313 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Total Gas reported Q2 FY25 revenue of ₹1,315 crore, EBITDA of ₹313 crore, and PAT of ₹178 crore. Overall volumes grew 15% YoY driven by network expansion and stable gas prices. The company added 577 CNG stations and 8.93 lakh PNG homes. A key development was the 16% reduction in APM gas allocation from October 16, which management is addressing through a calibrated price approach and cost optimization. The company secured $375 million in global financing for infrastructure. Guidance remains cautious: no specific margin targets, but management aims to balance volume growth and margins. Risks include further APM cuts, potential margin compression, and slower volume growth if prices are raised.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to pass on some cost increases to consumers in a calibrated manner to balance volume growth and margins.
- The company raised $375 million to accelerate network infrastructure development over the next 24 months.
- Management aims to reach 3,000 EV charging points in the near future.
- First LNG station commissioned in Tiruppur; more stations under construction to cater to long-haul trucks and mining.
Risks flagged
- A 16% reduction in APM gas allocation from October 16 could increase gas costs and pressure margins.
- If CNG prices are not raised sufficiently, EBITDA margins may decline; management has not yet passed on costs.
- Raising CNG prices to offset higher costs could dampen demand and slow volume growth.
- The replacement gas is priced at a premium (12% over basket price) and allocation is only until March 2025, creating uncertainty.
Key quotes
- We will ensure to remain as a responsible and prudent utility of Adani Group and TotalEnergies, and we'll make sure that we calibrate the price in a manner that balances the interest of the large consumers.
- Even an INR 3 increase in price, INR 3 per kg increase in price of CNG, will actually reduce the benefit from 40% to about 37%, which is still continuing to be extremely attractive for CNG users.
- We are very hopeful that the LNG that would be available for 2027 onwards would also be very competitive and could be very near HPHT type levels.
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