Gujarat Gas Limited on August 2 reported a 43.4 percent year-on-year decline in consolidated net profit at Rs 216 crore in the first quarter of the financial year 2023-24.
The city gas distribution company had clocked a consolidated net profit of Rs 382 crore in the year-ago period.
Sequentially, the net profit was down 42 percent.
Revenue from operations was down 26.2 percent at Rs 3,924 crore from Rs 5,322 crore in the year-ago period. The reduction in revenue from operations mainly reflects lower selling prices, the company said in a press release.
The company reported an EBITDA of Rs 412.71 crore in Q1FY24, compared to 626.39 in the same period last year.
Gujarat Gas said that its total gas sales volume for the quarter stood at 9.22 mmscmd (million metric standard cubic meters per day), compared to 8.86 mmscmd in the preceding quarter. Industrial volume increased 10 percent from the earlier quarter (Q4FY23) to 5.88 mmscmd.
The company said the increase in industrial volume was due to softer spot LNG prices, benefit of which was passed to industrial customers to make natural gas more competitive to alternate fuels.
CNG volume in the quarter was at 2.61 mmscmd on the back of investments in CNG station infrastructure coupled with favourable government policies of reduction in APM gas prices and lower VAT rates, the company said.
Gujarat Gas added more than 46,000 new domestic customers, 225 commercial customers and commissioned 36 new industrial customers (with a cumulative volume close to 1,09,000 scmd) during the quarter. The company signed a supply volume of approximately 4,27,000 scmd (standard cubic meter per day) on June 30, which is yet to be commissioned.
On August 2, shares of Gujarat Gas closed at Rs 470.20 a piece on NSE, down 2.24 percent.
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