Adani Total Gas Expands EV Charging and Biomass Projects, Reports Strong Q1 Earnings
Adani Total Gas Ltd has grown its total EV charging points to 1,212 units by the end of June 2024, with another 740 plus EV charging points under construction. CEO Suresh Mangalani announced these updates during the company’s Q1 earnings presentation.
EV Charging Network Expansion
Mangalani stated, “We would see them coming to life and charging the public transport very soon in the near future. With these expanded networks, our EV charging points presence will grow to 23 states and 217 cities.”
Biomass Business
The company has commissioned phase one of its Barsana biomass project near Mathura. Mangalani explained, “Along with the cow dung, which is the base feedstock, we have now secured the diversified feedstock of rice straw as well as press mud. This diversified feedstock availability will help us to increase the yield of compressed biogas as well as the organic fertilizer.”
LNG for Transport and Mining
Adani Total Gas will soon commission its first LNG station in Tirupur, Tamil Nadu, catering to heavy vehicles. The company plans to open 10 LNG stations across the country to develop the ecosystem for LNG as a transport fuel.
Financial Performance
Adani Total Gas reported a 9% year-on-year increase in revenue to Rs 1,237 crore for the April-June 2024 quarter. Net profit rose 20% to Rs 177 crore, and EBITDA increased by 21% to Rs 308 crore. The company’s credit rating was upgraded to ICRA AA stable.
Natural Gas Distribution
The company’s piped natural gas service now reaches 858,000 homes and 8,542 industrial and commercial consumers. Mangalani emphasized the company’s commitment to sustainable energy and its role in India’s energy transition.
Adani Total Gas is authorized in 34 Geographical Areas and plays a significant role in enhancing the share of natural gas in India’s energy mix. Of the 53 GAs, 34 are owned by Adani Total Gas, and the remaining 19 are owned by Indian Oil-Adani Gas Private Limited, a joint venture with Indian Oil Corporation Limited.
Doubts Revealed
Adani Total Gas -: Adani Total Gas is a company in India that provides natural gas and is now also working on electric vehicle (EV) charging and biomass projects.
EV charging points -: EV charging points are places where electric vehicles can be plugged in to recharge their batteries, similar to how petrol stations work for petrol cars.
Biomass project -: A biomass project uses organic materials like plants and waste to produce energy. It’s a way to create electricity or fuel that is more environmentally friendly.
LNG station -: LNG stands for Liquefied Natural Gas. An LNG station is a place where vehicles can refuel with this type of gas, which is cleaner than petrol or diesel.
Tamil Nadu -: Tamil Nadu is a state in the southern part of India. It is known for its rich culture and history.
Revenue -: Revenue is the total amount of money a company makes from its business activities, like selling products or services.
Net profit -: Net profit is the amount of money a company has left after it has paid all its expenses. It’s like the company’s earnings or savings.
Q1 2024 -: Q1 2024 refers to the first quarter of the year 2024, which includes the months of January, February, and March.
CEO -: CEO stands for Chief Executive Officer. This person is the highest-ranking official in a company and makes important decisions.
Suresh Mangalani -: Suresh Mangalani is the CEO of Adani Total Gas. He is responsible for leading the company and making key decisions.
Sustainable energy -: Sustainable energy is energy that comes from sources that do not run out, like the sun, wind, and plants. It is better for the environment.
India’s energy transition -: India’s energy transition is the country’s shift from using traditional energy sources like coal and oil to cleaner, renewable sources like solar and wind energy.