Gujarat Gas on August 6 reported 53% increase in the consolidated net profit at Rs 330 crore for the quarter ended June 30, 2024 as against Rs 215 crore in the year-ago period.
India’s largest city gas distribution company’s revenue from operations went up 18% to Rs 4,615 crore in the quarter ended on June 30th, 2024 as against Rs 3,924 crore in the year-ago period, it said in a stock exchange filing.
Gujarat Gas said the surge in the Q1 numbers was due to the robust volume growth. Listing out the key reasons for good quarterly numbers, the company said that deduction in spot gas prices and increase in volumes led to increase in profits in Q1FY25 as compared to the numbers last year.
While the company saw a year-on-year growth, the QoQ numbers were a disappointment. On sequential basis, Gujarat Gas’ net profit declined 19.5 percent at Rs 329.8 crore in June quarter versus Rs 409 crore in March quarter.
On the future prospects, the company said that the CNG category continues to witness strong momentum, as the consumers are benefitting from favourable government policies which has supported in terms of volume growth.
During Q1FY25, Gujarat Gas added more than around 37,400 new domestic customers. Volume of about 2,00,000 scmd was added due to commissioning of new industrial customers.
On August 6, Gujarat Gas' shares on NSE closed trading 0.39 percent higher at Rs 644.50 apiece.
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