Gujarat Gas Profit Jumps, India

Gujarat Gas consolidated Profit after Tax (PAT) for the quarter was Rs 1,006 million, compared to Rs 595 million in the preceding quarter. The Consolidated Net Sales for the quarter was Rs 7,468 million as compared to Rs 7,629 million in the preceding quarter. The total volume of gas sold during the quarter was 239 mmscm compared to 264 mmscm in the preceding quarter.

While additional volumes have been commissioned in all the segments, volumes in the industrial segment have been undergoing a churn with increasing price of gas.

The Company connected more than 17,500 new residential customers during the quarter, taking the total number of new domestic connections to 28,500 till June 2013. The company also commissioned more than 43,000 scmd of new volumes in the industrial sector during the quarter.

The consolidated PAT for the January to June 2013 period was Rs 1,601 million compared to Rs 1,179 million in the corresponding period of the previous year. The consolidated net sales for the period were Rs 15,097 million compared to Rs 14,802 million in the corresponding period of the previous year. The total volume of gas sold during the period was 503 mmscm compared to 592 mmscm in the corresponding period of the previous year.

Speaking on the occasion of the results, Mr. Sugata Sircar, Managing Director, said “RLNG cost came off the peak levels it had reached in the immediately preceding quarter, thereby enabling some recovery of margins which were impacted in the preceding quarter. RLNG continues to be a significant portion of the sourcing portfolio. We continue to carefully balance between volumes and prices to sustain value.”

Gujarat Gas Company Limited, a subsidiary of GDNL, currently distributes approximately 2.8 mmscmd of natural gas. GGCL continues to be India’s premier gas distribution company with a proven expertise in distributing gas to the entire range of customers – Industrial, Commercial, Domestic and CNG. GGCL distributes gas to about 404,000 industrial, commercial and domestic customers through its pipeline network and CNG to over 200,000 vehicles through 56 retail outlets.

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LNG World News Staff, August 8, 2013