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Revenue
₹11,048 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
₹255 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Total Gas reported Q1 FY24 revenue of INR 1,135 crore (+2% YoY) and EBITDA of INR 255 crore (+12% YoY), driven by 8% volume growth to 198 MMSCM and cost optimization. PAT rose 7% to INR 148 crore. The APM price reform (cap of $6.5/MMBtu) boosted CNG demand, with CNG volumes up 18% YoY. Management highlighted strong infrastructure expansion: 467 CNG stations and 11,224 km steel pipeline. Newer GAs contributed 25% of volumes. Risks include propane competition and APM allocation deficit (14% in Q1). Guidance focuses on accelerating CNG/PNG network, commissioning India's largest biogas plant in FY24, and expanding e-mobility to 3,000 charging points. LNG for long-haul trucks is a new opportunity. Key risk: potential margin pressure if APM gas allocation declines further.
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Guidance to track
- Target to install 3,000 charging points across strategic locations in the near future, up from 141 currently.
- One of India's largest biogas plants in Uttar Pradesh will commission phase 1 in FY24.
- Focus on adding more CNG stations in ODO and DODO formats to expand network rapidly.
Risks flagged
- Industrial consumers are switching to cheaper propane/LPG, pressuring PNG volumes. Management responded by offering competitive pricing.
- APM allocation deficit was 14% in Q1, trending down but could remain a margin headwind if domestic gas supply doesn't keep pace with demand.
- Analyst raised concern about potential price regulation; management dismissed it, citing natural competition, but risk remains if government intervenes.
Key quotes
- It's like asking a mother which baby you love more. I think all the GAs we have built, we have built with the all strategic thinking.
- The foundational work is being done through these policy frameworks. We are also responding to these calls of expanding and accelerating our infrastructure.
- We have a good portfolio. We have a multi-index, we have multi-tenures, multi-suppliers.
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