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 and CNG consumption.

• Infrastructure expanded to 12,516 inch-kilometers of steel pipeline, nearly 1,000 CNG stations (including JV partners), and 1.06 million home PNG connections.

• Advanced sustainability initiatives, including solarization, methane leak detection, decarbonization of fleets, and 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.

Financial highlights

• Revenue from operations for Q2 FY25 was ₹1,318.37 crore (consolidated), with H1FY25 revenue at ₹2,553 crore.

• EBITDA for H1FY25 was ₹621 crore, with consolidated EBITDA at ₹878.41 crore.

• PAT for H1FY25 was ₹355 crore, with Q2 FY25 consolidated net profit at ₹185.60 crore.

• EPS for H1FY25 was ₹3.23 standalone and ₹3.25 consolidated.

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

Outlook and guidance

• Remains optimistic on CGD sector growth, focusing on infrastructure expansion, digitalization, and sustainability.

• Plans to build 10 LNG stations in FY25 and expand EV charging infrastructure, with 600+ new points under construction.

• CapEx plans for new geographies and adjacent businesses (LNG, EV, biomass) will proceed as planned, supported by recent financing.

• Focus on mitigating APM gas allocation shortfall through new sourcing strategies.

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