New Delhi, Apr 28 (PTI) Adani-Total Gas Ltd, the city gas joint venture of Adani group and TotalEnergies of France, on Monday reported a 10 per cent drop in its fourth quarter net profit on higher cost of gas while the revenue soared 15 per cent.

Net profit of Rs 149 crore in January-March - the fourth quarter of April 2024 to March 2025 fiscal year - compared with Rs 165 crore earnings in the same period of the previous year, according to a company statement.

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Revenue from operations was up 15 per cent at Rs 1,448 crore. The margins were impacted as the cost of natural gas - which is converted into CNG for sale to automobiles and piped to household kitchens for cooking - soared 27 per cent as the firm had to replace reduction in cheaper domestically produced fuel (called APM gas) with higher-priced gas.

"During the quarter, APM allocation for the CNG segment was at 49 per cent (of the total requirement), the balance was met with (higher priced) new well / intervention gas, existing contracts and spot procurement," the statement said.

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For the full fiscal, net profit was almost unchanged at Rs 648 crore while revenue was up 12 per cent at Rs 5,398 crore. Cost of procuring natural gas in the full year was up 15 per cent.

The company said it took a calibrated approach in passing the higher gas cost due to the replacement of APM gas with other sources while ensuring volume growth.

"Consequently, EBITDA for FY25 (April 2024 to March 2025 fiscal) has increased marginally despite lower allocation of APM gas due to volume growth," it said.

Revenue from operations rose on account of higher volume, primarily on the CNG segment.

"Besides higher volume, with lower allocation of APM gas to the CNG segment and replacement with higher price gas, the cost of natural gas rose by 15 per cent," it said.

CNG sales rose 18 per cent in the fourth quarter to 177 million standard cubic meters, and by 19 per cent to 663 mmscm in the full fiscal. Piped natural gas sales were up by 5 per cent in Q4 to 87 mmscmd and by 7 per cent in FY25 to 330 mmscm.

The company added 42 new CNG stations to take the total strength to 647. Domestic piped natural gas users rose to 9.62 lakh after addition of 1.42 lakh in the year.

After including its joint ventures, the firm had a combined CNG network of 1,072 and 1.14 million piped natural gas users.

It also had 3,401 EV charging points installed across 26 states and Union Territories.

"Recently, with effect from April 16, 2025, while APM allocation of natural gas for CNG (Transport) has been reduced from 51 per cent (of the requirement) to 37 per cent, it has been replaced with (higher priced) new well gas (NWG) / intervention gas and the combined volume allocation of APM and NWG for CNG effective April 16 is at 65 per cent (of the total requirement)," the firm said.

During the year, Adani-Total Gas Ltd (ATGL) continued its thrust to expand access of piped natural gas and CNG to large masses, said Suresh P Manglani, ED & CEO of ATGL.

"ATGL has maintained momentum of delivering robust operational and infrastructure performance with a 15 per cent year-on-year increase in volume, accelerating operations excellence supported by digitalisation which has contributed in maintaining an EBITDA of Rs 1,167 crore despite challenges faced by the city gas sector on domestic gas allocation," he said.

Also on renewable energy sourcing, the firm has set up a compressed biogas plant at Barsana which converts agri and other waste into gas.

Phase-1 of the Barsana plant has achieved increased production of 6.9 tonnes per day of biogas and is expected to ramp up further to 9-10 tonnes a day in this financial year, the statement said.

The company has also commissioned its first LNG station in Tirupur, Tamil Nadu.

"All the above efforts are in line with our commitment to spearhead India's energy mobility transition journey with a customer-centric approach and continue to have sustainable growth," Manglani said.

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