Gujarat Gas posts 35% dip in Q2 net

DJ Pandian appointed as board of director and chairman of the company

In a board meeting held on Thursday, the new chief secretary of Government of Gujarat, DJ Pandian was appointed as the board of director and chairman of Gujarat Gas Company Ltd.

The company registered a 35.13 per cent decline in its consolidated net profit at Rs 77.25 crore for the quarter ended September 30, 2014. As compared to the Q2 of current fiscal, the company posted Rs 119.10 crore for the corresponding period last year.

Along with Pandian, Atanu Chakraborty was also appointed as a board of director of Gujarat Gas Company while Varesh Sinha and Hasmukh Adhia resigned from the post of director in the company. All of them are IAS officers.

Gujarat Gas saw its consolidated total income dip by 17.01 per cent to Rs 699.11 crore for the second quarter of fiscal 2014-15 from Rs 842.41 crore for the corresponding period last year.

On standalone basis too, net profit of Rs 77.03 crore for second quarter declined by 35.52 per cent for Gujarat Gas in the current fiscal when compared with Rs 119.48 crore for Q2 of previous fiscal 2013-14. The total standalone income fell by 17.02 per cent to Rs 698.74 crore for Q2 of FY '15 as against Rs 842.15 crore of Q2 of FY '14.