Adani Total Gas reported an 8% increase in net profit for FY23 to 546 crore on Tuesday, despite a 400 basis point fall in net margins to 11.7% due to a 59% increase in natural gas costs during the year. During FY23, the topline of the Adani group company increased by 46% to 4,683 crore. Adani Total Gas recorded a net profit of 98 crore in the March quarter, up 21% year on year, while sales grew 12% to 1,197 crore.
Despite rising natural gas prices, the company increased its earnings before interest, tax, depreciation, and amortisation (EBITDA) by 11% to 907 crore after passing on part of the costs to customers. Adani Total Gas increased the number of compressed natural gas (CNG) stations from 334 last year to 460 this year. Its total CNG volumes increased 28% year on year to 459 million metric standard cubic metres (MMSCM), but piped natural gas (PNG) volumes declined 13% year on year to 297 MMSCM due to a drop in demand from industrial clients due to higher gas prices.
After the company reported earnings, Adani Total Gas’ shares rose 1% to $957 per share on Tuesday. It has declared a dividend of 0.25 cents per share for fiscal year 23.
Adani Total Gas announced intentions to increase its footprint of electric vehicle charging spots from 104 to 3,000 in the next 12-18 months. Adani TotalEnergies E-Mobility, a special purpose vehicle, will install the EV charging stations. According to the company’s exchange filing, these points will appeal to both commercial and consumer segments.
Also Read:
- Top 5 Best cheap electric cars in India as of May 2023
- Revolt electric bikes price in India starts at Rs 1.35 Lakh
