Gujarat Gas Q2 profit rises 24% at Rs 100 cr

Gujarat Gas Co Ltd (GGCL) today reported a 24% rise in second quarter net profit at Rs 100.1 crore on back of higher realisation on gas sales.

Net profit in the July-September quarter at Rs 100.1 crore was up from Rs 80.9 crore in the same period a year ago, the company said in a statement.

Sales was up 29% to Rs 830.2 crore.

"The company reported a healthy toplin growth during the quarter... Due to higher realisation and sustained growth in certain market segments," it said.

GGCL sells compressed natural gas (CNG) to 187,000 vehicles and piped gas to 367,000 households and industrial establishments. In all it sells about 3.2 million standard cubic meters per day of gas.

CNG vehicle conversion, it said, remained robust with more than 5,400 vehicles being converted to natural gas during the quarter. More than 7,000 households were connected to gas supply in the period.

"GGCL optimised its gas sourcing portfolio effectively, even as 47% of its sourcing mix is fuelled by (imported) LNG. We are also optimising operating costs and are focused on building pipeline, CNG and IT infrastructure for growth," company Managing Director Sugata Sircar said.