Earnings Review
Adani Total Gas Q3 PAT rises 11% YoY, bucks 4-qtr trend
This story was originally published at 21:03 IST on 22 January 2026
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--Adani Total Oct-Dec consol net profit INR 1.59 bln
--Adani Total Oct-Dec consol revenue INR 16.39 bln
--Adani Total Oct-Dec consol PAT INR 1.59 bln vs INR 1.42 bln year ago
--Adani Total Oct-Dec consol revenue INR 16.39 bln vs INR 14.00 bln year ago
--Adani Total Apr-Dec consol PAT INR 4.87 bln vs INR 5.00 bln year ago
--Adani Total Apr-Dec consol revenue INR 47.14 bln vs INR 39.58 bln year ago
--Adani Total Q3 consol operating EBITDA INR 3.05 bln vs INR 2.65 bln yr ago
--Adani Total Oct-Dec sales volume at 289 mscm, up 12% on year
--Adani Total Oct-Dec CNG sales at 200 mscm, up 17% on year
--Adani Total Oct-Dec piped natural gas sales 89 mscm, up 3% on year
--Adani Total Oct-Dec cost of natural gas INR 11.64 bln, up 18% on year
--Adani Total added 18 CNG stations in Q3; CNG stations at 680 on Dec 31
By Sunil Raghu
AHMEDABAD – Adani Total Gas Ltd. Thursday reported a double-digit year-on-year rise in its bottom line for the December quarter as there was a substantial increase in demand for natural gas in the geographical areas it operates in, especially by vehicle users. The upswing in demand resulted in the company's net profit rising on an annual basis after declining for four quarters.
The natural gas supplier reported a consolidated net profit of INR 1.59 billion for the December quarter, up over 11% on year but down nearly 3% from the trailing quarter. Its consolidated revenue, excluding excise duty, was INR 15.07 billion, up over 16% on year and over 5% on quarter.
The company's total expenses for the reporting quarter were INR 14.37 billion, up over 18% on year and nearly 5% on quarter. Its total expenses for the September quarter were INR 13.69 billion.
The company's consolidated net profit for the nine months ended December was INR 4.87 billion, down over 2% on year. Its consolidated revenue for the period was INR 47.14 billion. In the corresponding period a year ago, the company had reported a bottom line of INR 5.00 billion and a top line of INR 39.58 billion.
Adani Total reported a consolidated earnings before interest, tax, depreciation, and amortisation for the December quarter of INR 3.13 billion, up 15% on year.
The total sales volume during the quarter was 289 million standard cubic metres, up 12% on year. This comprised 200 million standard cubic metres compressed natural gas and 89 million standard cubic metres piped natural gas, up 17% and 3%, respectively, on year.
However, a double-digit year-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 nearly 18% on year to INR 11.64 billion. In Apr-Dec, it rose 25% on year to INR 33.34 billion. During the December quarter, the government-allotted lower-cost domestic natural gas for CNG consumers of the company, too, was marginally lower at 41%, from 42% in the September quarter. The balance was met with new well gas, existing contracts, and spot procurement, the company said.
"With lower allocation of APM (administered pricing mechanism) allocation for the CNG segment coupled with new well gas and higher HH (Henry Hub)-linked R-LNG (regassified liquefied natural gas) price due to winter, the cost of natural gas rose by 18%," the company said in a release accompanying the filings related to the December quarter earnings.
Adani Total Gas, which operates in 34 geographical areas across the country, added 18 more CNG stations in the reporting quarter, taking the total to 680. The company expanded its PNG connections in the reporting quarter to 1.05 million, with the addition of 34,210 households. Its industrial and commercial connections were at 9,751 with the addition of 148 new consumers, according to the press release.
The company also has 4,908 electric vehicle charging points in 226 towns across 26 states and Union territories supported by installed capacity of 51 megawatts, Suresh Miglani, chief executive officer and executive director, said in a statement.
Including the infrastructure of its 50:50 joint venture with state-owned oil major Indian Oil Corp. Ltd.--Indian Oil Adani Total Gas Pvt. Ltd.--the total number of CNG connections for Adani Total Gas on a consolidated basis stand at 1,120 CNG stations, 1.25 million household connections, and 11,106 commercial and industrial connections. Collectively, Indian Oil Adani Total Gas serves across 53 geographical areas, Miglani said.
The company announced its December quarter earnings after market hours Thursday. Shares of the company closed 3.8% higher at INR 548 on the National Stock Exchange. End
Edited by Rajeev Pai
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