Adani Total’s CNG Growth Spurs 70% Stock Rise

by | May 2, 2024 | 0 comments

Adani Total’s CNG Gas has seen strong growth with its Piped Natural Gas (PNG) connections touching 8.20 lakh households from 7.04 lakh in the previous year, an increase of 1.16 lakh. The company’s net profit jumped by 71.6% YoY to Rs 168 crore and revenue grew by 4.7% to Rs 1,167 crore for the quarter. EBITDA surged almost by 50% YoY to Rs 305 crore.

The board of Adani Total Gas has also proposed a dividend of Re 0.25 per fully paid-up equity share having face value of Re pending shareholders approval. The record date for eligibility for dividend has been fixed as June14,2024.

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Shares of Adani Total Gas were trading up by 2.25% at Rs950 each at am on the National Stock Exchange (NSE). In one year, the stock has zoomed over 71%, outperforming Nifty50 index which is up over 18%.

Also increased Adani Total’s CNG stations to 547 with addition of new stations during the year being91.Adani Total Gas is exploring new business opportunities in Compressed Biogas, Electric Vehicle (EV) Charging Infrastructureand Liquefied Natural Gas (LNG) for Trucking & Mining(LTM).

The first phase of diversified feedstock-to-CBG plant has been commissioned at Barsana in Mathura that expands Adani’s presence in e-mobility across23 states.These initiatives are expected to be significant drivers of growth according to Mr.Suresh P Manglani, Executive Director & CEO of Adani Total Gas.

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For Q4 FY22 Company reported total sales volume of 232 MMT i.e.(million metric tonnes),an increase of 20% YoY.The volume of CNG sold in FY24 grew by 21%due to network expansion into new geographical areas.

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