Adani Total Gas Hits 1,212 EV Charging Points, Plans 740 More

Adani Total Gas Limited reported that its total number of EV charging points reached 1,212 by the end of June 2024, with an additional 740 points currently under construction, according to CEO Suresh Mangalani during the company’s Q1 earnings presentation on Monday.

“We anticipate these new charging points will soon be operational, expanding our network to 23 states and 217 cities,” Mangalani said.

Regarding the biomass sector, Mangalani noted that the Adani Group company has completed phase one of its Barsana project near Mathura. They have diversified their feedstock to include rice straw and press mud, which will enhance the production of compressed biogas and organic fertiliser.

In the LNG sector, Adani Total Gas will soon launch its first LNG station in Tirupur, Tamil Nadu, to serve heavy vehicles like trucks and buses. The company plans to establish 10 additional LNG stations across the country to support the development of LNG as a transport fuel.

Mangalani also highlighted that Adani Total Gas’ credit rating has been upgraded to ICRA AA stable from ICRA AA minus stable. The company will use its strong balance sheet to fund future capital expenditures.

The number of homes using piped natural gas has increased to 858,000, and 211 new industrial and commercial consumers have been added, bringing the total to 8,542.

For the April-June 2024 quarter, Adani Total Gas reported a 9% increase in revenue from operations, reaching ₹1,237 crore, up from ₹1,135 crore in the same period last year. Net profit rose 20% to ₹177 crore, compared to ₹148 crore in Q1 2023, and EBITDA increased by 21% to ₹308 crore, up from ₹255 crore.

Suresh P. Mangalani, Executive Director and CEO, stated, “We continue to gain traction in natural gas distribution while expanding our sustainable energy initiatives in e-mobility, LNG, and biomass. We are committed to providing a sustainable energy platform and leading the country’s energy transition.”

On July 30, 2024, the share price of Adani Total Gas Ltd opened at ₹900.00, touching the day’s high at ₹906.85, as of 10:20 AM on the NSE.

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