Gujarat Gas up over 3% on good numbers in Q3

Natural gas distributor Gujarat Gas Company gained more than 3 percent in early trade on Friday after good set of numbers in the fourth quarter.

Consolidated net profit jumped nearly 3 times year-on-year to Rs 70 crore in the quarter ending December 2012 while net sales increased 18 percent YoY to Rs 756.5 crore during the quarter.

The total volume of gas sold during the quarter was 270 mmscm compared to 314 mmscm in the corresponding quarter of previous year. Meanwhile, total volume of gas sold stood at 1,157 mmscm in the year 2012, down compared to 1,246 mmscm in previous year.
 
In October, the company's majority shareholder, BG Asia Pacific Holdings Pte Limited signed a share purchase agreement with GSPC Distribution Networks for sale of its entire shareholding in the company.

In the year 2012, Gujarat Gas received the authorisation from the Petroleum and Natural Gas Regulatory Board for the city gas distribution areas of Surat, Bharuch and Ankleshwar.

Sugata Sircar, MD of the company said, "Company's distribution network has been extended by laying 59 km of additional steel pipelines in 2012. 8 new CNG stations were commissioned, about 34,600 residences have been connected and more than 23,400 vehicles converted to CNG during the year."

Consolidated net sales increased to Rs 3,066.9 crore in 2012 from Rs 2,381.9 crore in previous year while profit after tax went up to Rs 288.5 crore from Rs 2,748 crore during the same period.
 
At 10:31 hours IST, share moved up 1.91 percent to Rs 295.65 on Bombay Stock Exchange.