Gujarat Gas witnesses 12% growth in Q2 CNG volumes

7 Nov 2024 , 09:21 AM

Gujarat Gas, a city gas distribution firm, announced its financial results for the second quarter of the fiscal year 2024-25 on Wednesday, 6 November. The company reported an increase in compressed natural gas (CNG) volumes to 2.93 Million metric standard cubic metres per day (mmscmd), representing a 12% rise over the same period previous year.

The company’s revenue for the quarter was ₹3,949 Crore, slightly lower than the ₹3,991 Crore achieved in the second quarter of the previous year. Gujarat Gas reported a 5% increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to 553 Crore, despite a slight decline in revenue compared to the same period last year. Profit after tax (PAT) increased to ₹307 Crore, up 3% from ₹298 Crore in the same period last year.

During this period, Gujarat Gas reported total sales volumes of 8.75 mmscmd, down from 9.32 mmscmd in the previous fiscal year’s second quarter. However, half-year sales volumes increased by 6% to 9.86 mmscmd. Sales volumes in the industrial segment totalled 4.91 mmscmd, while CNG volumes were 2.93 mmscmd. Domestic piped natural gas (PNG) volumes totalled 0.76 mmscmd, with an extra 0.15 mmscmd from the commercial PNG sector.

The company stated that it continues to benefit from advantageous government policies that have resulted in high demand and growth. Throughout the quarter, Gujarat Gas extended its operations, adding over 38,500 new residential connections and nine new CNG stations. The company also acquired an additional 88,000 standard cubic meters per day (scmd) of industrial volume, with another 527,000 scmd signed and scheduled for commissioning in the following months.

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