Gujarat Gas net profit down 40% YoY in Q3 at ₹221 Crore

14 Feb 2024 , 11:54 AM

Gujarat Gas Limited declared a consolidated net profit of ₹221 Crore for the third quarter of the 2023–24 financial year on February 13. This represents a 25% sequential fall and a 40% decrease from the same period last year.

During the same time previous year, the City Gas Distribution Company’s net profit was ₹371 Crore. On the other hand, Gujarat Gas’ operating revenue increased by about 7% during the quarter to ₹4,084 Crore from ₹3,821 Crore in Q3FY23.

The company’s sales volumes climbed by 26% to 9.16 mmscmd (million metric standard cubic meter per day) during the quarter that ended on December 31 from 7.29 mmscmd the previous year. Industrial sales volumes rose by 36% from 4.05 mmscmd in the same period last year to 5.53 mmscmd in the current quarter. 

The company added almost 38,000 new residential customers, 197 new commercial customers, and 69 new industrial clients during the quarter. The company stated that the commissioning of new industrial customers is what led to the addition of 1,16,000 scmd in volume.

Gujarat Gas stated in a release that as of December 31, the business had a signed volume of 8,23,000 scmd, which will be commissioned in the upcoming days. One of the upstream suppliers engaged the company for four years at auction to supply about 0.50 mmscmd of domestic gas during the quarter.

Gujarat Gas announced the introduction of a Full Dealer Owned Dealer Operated (FDODO) program aimed at expediting the infrastructure development of CNG stations. Under the program, the business intends to add more than 200 CNG stations in the upcoming two to three years. 

Gujarat Gas’s shares traded at ₹551.25 a share on the BSE, down 1.90% from the previous day’s finish.

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