Earnings Review
Adani Total Gas PAT falls YoY for fourth straight quarter
This story was originally published at 21:18 IST on 28 October 2025
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--Adani Total Jul-Sept consol PAT INR 1.63 bln vs INR 1.86 bln year ago
--Adani Total Jul-Sept consol revenue INR 15.76 bln vs INR 13.18 bln yr ago
--Adani Total Apr-Sept consol PAT INR 3.29 bln vs INR 3.57 bln year ago
--Adani Total Apr-Sept consol revenue INR 30.75 bln vs INR 25.57 bln yr ago
--Adani Total added 12 CNG stations in Jul-Sept
--Adani Total Jul-Sept consol EBITDA INR 3.04 bln vs INR 3.12 bln year ago
--Adani Total Jul-Sept consol operating EBITDA INR 2.95 bln vs INR 3.06 bln
--Adani Total Jul-Sept sales volume at 280 mscm, up 16% on year
--Adani Total Jul-Sept CNG sales at 191 mscm, up 18% on year
--Adani Total Jul-Sept piped natural gas sales 89 mscm, up 11% on year
--Adani Total Jul-Sept cost of natural gas INR 11.20 bln, up 29% on year
By Arundathi A R
MUMBAI – Adani Total Gas Ltd. Tuesday reported a double-digit fall in its bottom line for the September quarter due a sharp rise in cost of natural gas and traded items in the three-month period. This was the fourth consecutive quarter wherein the company's net profit saw a year-on-year decline.
The natural gas supplier reported a consolidated net profit of INR 1.64 billion for the September quarter, down almost 12% on year and just over 1% from the June quarter. Its consolidated revenue, excluding excise duty, for the September quarter was INR 14.51 billion, up over 19% on year and over 5% on quarter.
The company's total income for the reporting quarter was INR 14.60 billion, up over 19% on year and over 5% from the previous quarter. Its total expenses were INR 12.44 billion, up almost 26% on year and over 6% from the June quarter.
The company's consolidated net profit for the half year ended September was INR 3.29 billion, down over 8% on year. Its consolidated revenue for Apr-Sept was INR 30.75 billion. In the corresponding period a year ago, its topline was INR 25.57 billion.
It reported a consolidated earnings before interest, tax, depreciation, and amortisation for the September quarter at INR 3.04 billion, down nearly 3% on year. Adani Total's consolidated operating EBITDA was INR 2.95 billion, down from INR 3.06 reported a year ago.
The 20% on-year rise in its revenue from operations for the half year ended September was driven primarily by higher volumes in the compressed natural gas segment, the company said in a post-earnings investor presentation.
Total sales volume during the quarter was 280 million standard cubic metres, up 16% on year. This included 191 million standard cubic metres compressed natural gas and piped natural gas of 89 million standard cubic metres, which grew 18% on year and 11% on year, respectively.
However, a double-digit on-year rise in the cost of natural gas and traded items weighed on the company's bottom line. During the reporting quarter, the company's cost of natural gas and traded items grew over 29% on year to INR 11.20 billion, according to the investor presentation. In Apr-Sept, it rose nearly 30% on year to INR 19.26 billion. "Besides higher (sales) volume, the gas cost increased by 30% largely due to the lower allocation of APM (administered price mechanism) to the CNG segment being replaced by high-priced New well gas and HPHT (high-pressure, high-temperature) gas," the company said.
Adani Total Gas added 12 more compressed natural gas stations in the reporting quarter, taking the total to 662 stations. The electric vehicle charging points have increased to 4,209, it added.
The company expanded its piped natural gas connections in the reporting quarter to 1.02 million, with the addition of 26,418 new households. Its industrial and commercial connections were at 9,603 in the September quarter and it added 147 new consumers, according to the press release.
Its subsidiary Adani TotalEnergies Biomass Ltd. sold 804 tonnes of compressed biogas during Apr-Sept. The subsidiary has expanded its growth into Uttar Pradesh, Madhya Pradesh and Gujarat, with its fermented organic manure brand, Harit Amrit, the company said in the release.
The company announced its September quarter earnings post market hours. On Tuesday, shares of the company closed marginally higher at INR 621 on the National Stock Exchange. End
Edited by Deepshikha Bhardwaj
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