Gujarat Gas Net Profit Up, India

November 9, 2012

Gujarat Gas announced third quarter results. Net Sales increased by 29% while net profits rose by 24%

Key Highlights

Gujarat Gas reported a healthy topline growth during the quarter with the consolidated net sales for the quarter increasing by 29% over the same quarter previous year and by 8% over the preceding quarter due to higher realization and sustained growth in certain market segments. The Compressed Natural Gas vehicle conversion remained robust with more than 5,400 vehicles being converted to natural gas during the quarter. More than 7,000 households were connected to gas supply during the quarter.

Consolidated net sales for the quarter was Rs 8,302 million as compared to Rs 6,435 million in the same quarter previous year and Rs 7,659 million for the preceding quarter. The total volume of gas sold during the quarter was 295 million metric standard cubic metre (“mmscm”) compared to 326 mmscm in the same quarter previous year and 289 mmscm in the preceding quarter. The consolidated Profit after Tax (PAT) for the quarter was Rs 1,001 million, compared to Rs 809 million in the same quarter previous year and Rs 525 million in the preceding quarter.

The consolidated net sales for the January to September 2012 period were Rs 23,104 million compared to Rs 17,404 million in the corresponding period of the previous year. The total volume of gas sold during the period was 887 mmscm compared to 932 mmscm in the corresponding period of the previous year. The consolidated PAT was Rs 2,180 million compared to Rs 2,498 million in the corresponding period of the previous year.

Speaking on the occasion of the results, Mr. Sugata Sircar, Managing Director, said “GGCL optimizes its gas sourcing portfolio effectively, even as 47% of its sourcing mix is fuelled by Regassified LNG. We are also optimizing operating costs and are focused on building pipeline, CNG and IT infrastructure for growth.”

The company has filed its tariff application with the PNGRB for its transmission pipeline and expects to receive authorisation shortly for its city gas distribution areas.

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LNG World News Staff, November 09, 2012; Image: Gujarat Gas