Adani Total Gas Q3 & 9MFY24 Results’


Ahmedabad, Jan 30: Adani Total Gas Ltd (“ATGL”), India’s leading City Gas Distribution company, announced today its operational and financial performance for the nine-month ended and quarter ended 31st December 2023. 

“With expansion of CGD infrastructure, together with ceasing opportunity in the areas of e-mobility, biomass and LNG for Transport & Mining (LTM), ATGL has once again delivered a double-digit growth in volumes of 13% Y-o-Y on nine months basis. The rise in volume coupled with efficient gas sourcing and an ‘eye’ on opex have led to increase in EBIDTA by 20% Y-o-Y in nine months. Company’s present priority is to focus on providing easy access of natural gas in the form of PNG and CNG by fast tracking the infrastructure development in all our Geographical Areas,” said Suresh P Manglani, ED & CEO of Adani Total Gas. “With our consumer centricity approach, apart from e-mobility and biomass (CBG) we are now also embarking upon LNG for Transport & Mining (LTM). ATGL will provide decarbonizing solutions for various entities and help in reducing carbon footprint.  Our strategy will be to offer a wider range of cleaner energy fuel to all our consumers”. 

Standalone Operational and Financial Highlights: 

Particulars UoM 9M FY24 9M FY23 % Change
Q3 FY24 Q3 FY23 % Change
Operational Performance
Sales Volume MMSCM 633 560 13% 224 186 21%
CNG Sales MMSCM 408 338 21% 144 116 24%
PNG Sales MMSCM 225 222 1% 80 70 15%
Financial Performance
Revenue from Operations INR Cr 3,556 3,486 2% 1,243 1,186 5%
Cost of Natural Gas Rs Cr 2,391 2,501 -4% 824 856 -4%
Gross Profit Rs Cr 1,165 985 18% 419 329 27%
EBITDA INR Cr 846 702 20% 301 238 26%
Profit Before Tax INR Cr 655 574 14% 231 201 15%
Profit After Tax INR Cr 488 426 15% 172 148 16%

Results Commentary 9M FY24 (Y-o-Y)

  • CNG Volume increased by 21% Y-o-Y on account of the reduction in CNG prices along with network expansion of CNG stations.
  • With recovery of PNG Industrial Volume and addition of new PNG connection in domestic and commercial, PNG Volume has increased by 1%
  • Although the overall volume has increased by 13% Y-o-Y, Revenue from operations has increased by 2% due to reduction in gas cost especially APM gas as ATGL passed on the benefit of APM gas price reduction to consumers which resulted into lower sales price.
  • EBITDA has increased by 20% Y-o-Y on account of higher volume and balanced price strategy.


  • ATGL is awarded with Climate Action Programme (CAP) – Committed category by CII of CAP 2.0 awards program for its commitment towards climate change initiatives.
  • ATGL won “Golden Peacock Award for HR Excellence” award 2023 for its HR best practices.