Ahead of Q4 earnings, Gujarat State Petronet Limited (GSPL) shares rallied by as much as 3% and touched their 52-week high mark of ₹298.40 apiece on BSE on Thursday. At 1:14 pm, the company shares were trading 3.24% higher at ₹290.05 per share.
Company's market capitalisation stood at ₹16,364.95 crore. Its stock value has increased by 7.46% YTD and by 10.06% in last one year. The company is set to announce its quarterly earnings on Thursday.Market experts are expecting a sequential fall in its quarterly net profit.
The company had declared a dividend of ₹5 per share of Rs10 each for FY2022-23.The company reported an 11% YoY rise in its net standalone profit to ₹224.33 crore in Q3FY23 against ₹202.04. Its profit also improved sequentially. The company reported a profit of Rs. 170.93 crore in the quarter ended in December.
A week ago, the govt-owned company approved the appointment of its top leadership. GSPL approved the appointment of Mamta Verma, IAS, Principal Secretary, Energy & Petrochemicals Department as Nominee Director of Gujarat State Petroleum Corporation Limited, Promoter of the Company on the Board of Directors of Gujarat State Petronet Limited.
Company's standalone net profit fell by 31.1 per cent to ₹170.93 crore on in Q3FY23. The company net sales decreased by 14.6% YoY to ₹402.41 crore against Q3 FY22. Its revenue from Gas Transportation was also down by 14.5 % YoY to ₹398.93 crore and from electricity sales, it was down by 20.17% YoY to ₹3.68 crore in the quarter that ended in December.
Company's consolidate net profit rose by 22% to ₹359.33 crore despite of 27.2% decline in net sales in the quarter that ended in December.
Gujarat State Petronet mainly operates to connect various supply sources and users of natural gas in Gujarat through its pipeline network. The company is a top player in the gas transmission business in the state. Moreover, it is the second-largest natural gas transmission payer in India.
