Adani Total Gas Limited (ATGL) Q2 24/25 earnings summary

Executive summary

• Achieved strong year-over-year growth in revenue, EBITDA, and PAT, driven by network expansion, operational efficiency, and increased PNG/CNG demand.

• Infrastructure expanded to 12,516 inch-kilometers of steel pipeline, nearly 1,000 CNG stations (including JV partners), and 893,000 home PNG connections, with daily additions of 350–400 homes.

• Advanced sustainability initiatives, including solarization, methane leak detection, decarbonization of fleets, and operationalized hydrogen blending pilot.

• EV charging points increased to 1,486 across 21 states and 213 cities, with a target of 3,000 points and 600+ new points under construction.

• Entered LNG for transport and mining, commissioning the first station in Tiruppur, Tamil Nadu, and plans to build 10 LNG stations in FY25.

Financial highlights

• Revenue from operations for Q2 FY25 was ₹1,318.37 crore (consolidated) and ₹1,315.49 crore (standalone); H1FY25 revenue rose 10% year-over-year to INR 2,553 crore.

• EBITDA for Q2 FY25 was ₹313 crore (standalone); H1FY25 EBITDA increased 14% to INR 621 crore; consolidated EBITDA for H1 FY25 was ₹878.41 crore.

• Profit after tax for Q2 FY25 was ₹178 crore (standalone) and ₹185.60 crore (consolidated); H1FY25 PAT grew 13% to INR 355 crore.

• Earnings per share (EPS) for H1FY25 was ₹3.23 (standalone) and ₹3.25 (consolidated), both higher year-over-year.

• Net debt to EBITDA improved to 0.78x; gross debt to net fixed assets at 0.29x.

Outlook and guidance

• Remains optimistic on CGD growth, with continued CapEx for network expansion and new businesses (LNG, EV, biomass); plans to build 10 LNG stations and expand EV charging infrastructure.

• Focus on mitigating APM gas allocation shortfall through new sourcing strategies; expects HPHT gas availability to increase in 2025 and global LNG prices to become more competitive post-2027.

• Margin guidance is to maintain a balance between volume and margin, with calibrated price adjustments as needed.

• Ongoing regulatory and legal proceedings impact certain geographical areas.