Published 18:27 IST, January 28th 2025
Adani Total Gas Reports 12% Revenue Growth in Q3FY25, Faces Profit Decline Due to Rising Gas Costs
Over the nine months ending December 2024, the company’s revenue from operations rose by 11%, totaling Rs 3,950 crore.

Adani Total Gas (ATGL) has reported steady growth in its Q3FY25 financial and operational performance. ATGL’s revenue from operations grew by 12% year-on-year, reaching Rs 1,397 crore. However, the rising cost of natural gas, driven by reduced APM allocation and higher R-LNG prices, led to a 10% decline in quarterly EBITDA, which stood at Rs 272 crore. The company’s Profit After Tax (PAT) for the quarter was Rs 143 crore, marking a 17% decrease compared to Q3FY24.
Over the nine months ending December 2024, the company’s revenue from operations rose by 11%, totaling Rs 3,950 crore. EBITDA increased by 6%, reaching Rs 893 crore, while PAT grew by 2%, totaling Rs 499 crore.
The company, which is expanding its CNG and PNG infrastructure across the country, overcame challenges such as reduced natural gas allocation and rising fuel costs.
In Q3FY25, ATGL increased its CNG stations to 605, with the addition of 28 new outlets. The company also expanded its PNG home connections to over 9.22 lakh, with 28,677 new households connected, and grew its Industrial & Commercial connections by 167, taking the total to 8,913.
The company’s total CNG and PNG volume saw a 15% increase year-on-year (Y-o-Y), reaching 257 MMSCM. Across the pan-India network, including its joint venture with IOAGPL, ATGL added 41 more CNG stations, crossing a cumulative 999 stations, and achieved a significant milestone by connecting 1.09 million homes with PNG, benefitting over 4 million people daily.
Despite its operational achievements, ATGL faced a significant challenge in Q3FY25. The government reduced the APM (Administered Pricing Mechanism) allocation for CNG (T) from 63% to 51% in mid-October, and further to 37% in November. This resulted in the company having to source more expensive natural gas from alternative sources, including the IGX gas exchange, to maintain a steady supply of CNG. As a result, the cost of natural gas increased by 20%, which impacted the company’s profitability.
Key ESG developments
ATGL’s Environmental, Social, and Governance (ESG) score has improved, with its net ESG score increasing to 62, placing the company in the 80th percentile among its industry peers. ATGL also received the Humanity Hero Award from Yuva Unstoppable, recognising its notable contributions to corporate social responsibility (CSR).
ATGL continues to focus on expanding its natural gas infrastructure, with plans for further growth in both the PNG and CNG segments.
Updated 18:27 IST, January 28th 2025