The shares of the natural gas distributor gained up to 8 percent after the company subsidiary commissioned operations at the first phase of its Barsana Biogas Plant in Mathura, Uttar Pradesh.
With a market capitalization of Rs 1.06 lakh crore, the shares of Adani Total Gas Ltd were trading at Rs 967.25 per share, increasing around 4.60 percent as compared to the previous price of Rs 925.45 apiece.
According to the company filing, Adani TotalEnergies Biomass Limited (ATBL), a wholly-owned subsidiary of Adani Total Gas Ltd, the company has commissioned operations at phase 1 of its Barsana Biogas Plant in Mathura, Uttar Pradesh.
Furthermore, the Barsana biogas project is divided into three phases and will have an overall capacity of 600 tons per day (TPD) of feedstock, producing around 42 TPD of compressed biogas (CBG) and 217 TPD of organic fertilizer when fully operational.
Additionally, this project will be India’s largest agro waste-based bio-CNG plant when it reaches full planned capacity in phase 3. The project cost for all three phases of the Barsana Biogas facility would exceed Rs 200 crore.
Looking into Adani Total Gas Ltd, the company’s revenue increased by 4.5 percent, from Rs 1,106 crore in Q3FY23 to Rs 1,156 crore in Q3FY24. During the same period, net profit increased by 18 percent, from Rs 150 crore to Rs 177 crore.
ATGL is exploring prospects in the LNG market as a transportation fuel by constructing its first LNG Retail Outlet in Dahej, Gujarat, which is projected to be operational by July 2024. The business has established a strategy to establish an LNG station network in critical sites across India.
ATGL is allowed in 52 Geographical Areas and contributes to increasing the use of natural gas in the national energy mix. ATGL owns 33 of the 52 GAs, while IOAGPL, a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited, owns the other 19.
Adani Total Gas Limited is involved in the sale and distribution of natural gas. The company is developing city gas distribution networks to offer piped natural gas to industrial, commercial, and residential users, as well as compressed natural gas to the transportation industry.
Written by:- Abhishek Singh
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