The company has expanded its network of compressed natural gas (CNG) stations, adding 23 new stations during Q2FY24.
31 Oct 2023 | 3557 Views | By Shahkar Abidi
Adani Total Gas Ltd. (ATGL) is looking to increase the number of charging points for e-mobility to over 3000 in the near future from about 221 charging points spread across 64 locations at present.
Suresh P Manglani, ED and CEO of Adani Total Gas said “ATGL has also ...
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Adani Total Gas Ltd. (ATGL) is looking to increase the number of charging points for e-mobility to over 3000 in the near future from about 221 charging points spread across 64 locations at present.
Suresh P Manglani, ED and CEO of Adani Total Gas said “ATGL has also made significant progress on e-mobility and biomass businesses. In the e-mobility business, charging points have now increased to 221 charging points across 64 locations and we soon intend to reach to 3000 charging points."
In addition to e-mobility, ATGL has made headway in the biomass business. The company secured a 500- Tonne Per Day (TPD) Municipal Solid Waste (MSW) based biogas project in Ahmedabad during Q2 FY24. Now, ATGL is actively exploring similar opportunities nationwide. Manglani expressed the company's commitment to commissioning phase 1 of the Barsana Compressed Bio Gas (CBG) plant in Uttar Pradesh within the current financial year.
Furthermore, ATGL has expanded its network of compressed natural gas (CNG) stations, adding 23 new stations during Q2FY24. The total number of CNG stations now stands at 483.
Financial Performance
ATGL reported a net profit of Rs 168 crore, marking a 20% year-on-year increase compared to the same period last year. However, the company's revenues from operations during the reported period amounted to Rs 1,178 crore, reflecting a 1% decline compared to the corresponding period in the previous year.
The company's top officials stated that the revenue from operations has remained flat as there was reduction in gas cost due to a revised pricing formula approved by Government of India w.e.f. 8 April 2023 which ATGL passed on the benefit to its consumers, resulting in decrease in sales price.