Home » Net profit of Gujarat Gas rises 91%

Net profit of Gujarat Gas rises 91%

Net profit of Gujarat Gas rises 91%

Net profit of Gujarat Gas rose 91.2 percent to Rs 101.13 crore during Apr-Jun 2013 compared to Rs 52.88 crore in the year-ago period.

Gujarat Gas is a subsidiary of GSPC Distribution Network (GNDL), which recently acquired 73.70 percent stake in the firm.

Consolidated profit after tax (PAT) of the firm during the quarter stood at Rs 100.6 crore as against Rs 59.50 crore in the preceding quarter. It may be recalled that this is the first time the firm is reporting the consolidated profit after tax after the acquisitin of stake by GNDL.

The firm could recover margins as RLNG (re-gasified liquefied natural gas) cost declined from the peak levels it had reached in the immediately preceding quarter.

The company, which follows January-December fiscal, got more than 17,500 new residential customers during the quarter under review, it said in a statement.

The GDNL unit currently distributes approximately 2.8 mmscmd of natural gas. The PSU distributes gas to about 404,000 industrial, commercial and domestic customers through its pipeline network and CNG to over 200,000 vehicles via 56 retail outlets.

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