Gujarat Gas Q3 Earnings: PAT up 204% YoY, sales fall 27% in Q3
A large-cap company with a market valuation of ₹33,345.62 Cr, Gujarat Gas Ltd operates in the energy industry.
A large-cap company with a market valuation of ₹33,345.62 Cr, Gujarat Gas Ltd operates in the energy industry. With 44 districts spread over 6 states—Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, and Madhya Pradesh—and 1 union territory—Dadra & Nagar Haveli, Gujarat Gas Limited (GGL) is India's largest City Gas Distribution (CGD) company in terms of sales volume.
On a standalone basis, the company recorded a net profit of ₹371.26 Cr in Q3FY23 compared to ₹121.93 Cr in Q3FY22, representing a growth of 204.48% YoY. The company posted revenue from operations of ₹3,821.28 Cr in the quarter ended December 2022 against ₹5,241.16 Cr in the quarter ended December 2021, representing a fall of 27.10% YoY. In Q3 FY23, profit before tax increased by 207.26% to ₹497.40 crore from ₹161.88 crore, which was reported in Q3 FY22. In Q3FY23, total expenses plummeted 34.39% YoY to ₹3,355.87 crore from ₹5,114.56 Cr in the same quarter last year.
The company reported a total gas sales volume of 7.29 million metric standard cubic metres (mmscmd) per day during the quarter. In the third quarter of FY23, industrial sales volume reached 4.05 mmscmd and CNG sales volume reached 2.43 mmscmd. Domestic and commercial sales volumes for PNG totaled 0.67 mmscmd and 0.14 mmscmd, respectively, during the quarter under review.
Gujarat Gas said in a stock exchange filing that “During the quarter, the Company added 48,600 new domestic customers, 228 commercial customers, commissioned 49 new industrial customers and crossed the landmark of 750 stations by adding 12 new CNG stations. As on 31st December 2022, the company has a signed volume of 5,25,000 scmd yet to be commissioned. The company has successfully commissioned the country's first pilot project of blending green hydrogen with piped natural gas for the domestic customers in collaboration with NTPC."
CRISIL Ratings has raised the company's long-term bank facilities rating from AA+ to AAA/Stable during the quarter. The EPS of Gujarat Gas reached ₹5.39 in Q3FY23 compared to ₹1.77 in the year-ago quarter.
On the NSE, the shares of Gujarat Gas closed today at ₹484.00 apiece level, up by 0.77% from the previous close of ₹480.30.
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