Adani Total Gas (AGTL) reveals annual financial results; operating income rise to Rs 4,417 crore

The Adani Total Gas Ltd (AGTL) has released its annual financial report for financial year 2023-24. The profit and loss statement of AGTL has revealed total income of the company at Rs 4,860 crore which is up by about Rs 140 crore from FY 2022-23. The company has made a total comprehensive income of Rs 652 crore in FY 2023-24 which is higher than previous financial years Rs 529 crore. The net profit before tax stood at Rs 881 crore which is 23% higher than last years’ 715 crore.

The AGTL now has total assets of Rs 6,523 crore that includes non-current assets of Rs 5,509 crore and current assets of Rs 1,014 crore. The company also has total liabilities of Rs 2,960 crore.

Meanwhile, the Investment Information and Credit Rating Agency (ICRA) has upgraded ATGL long-term rating to ‘AA’ (Stable) and reaffirmed its short-term rating. The upgrading reflects the improved financial risk profile of ATGL, which has been driven by sustained sales volume growth, leading to an increased scale of operations and enhanced profitability.

In FY24, ATGL financial performance has showcased a year-on-year operating income increase of about 2%, reaching Rs 4,417.7 crore. This growth was primarily due to a 15% rise in gas sales volumes, increasing from 2.06 million metric standard cubic meters per day (mmscmd) to 2.37 mmscmd.

AGTL also maintains a strong financial position, with a gearing ratio of 0.44 times as of March 31, 2024, and a total debt to OPBDITA (operating profit before depreciation, interest, tax, and amortization) ratio of 1.41 times.

Suresh Manglani, CEO of AGTL, held, “FY24 was a pivotal year for us. As we continued to strengthen our core business of gas distribution, we also gainfully ceased new opportunities in areas of E-Mobility, Compressed Biogas, LNG for Transport & Mining, and Smart Meters, all of which we see as our natural adjacencies.”

He also added, “I again congratulate team ATGL for their ceaseless commitment to bring customer centricity in all the things we do, and thank our promoters and shareholders for their unwavering trust and support in our vision.”