Gujarat Gas Q4 net up 182%

Consolidated net sales for the quarter stood at Rs 756.5 cr as compared to Rs 641.5 cr in the same quarter previous year

Gujarat Gas Company Limited (GGCL) has registered 182% jump in the consolidated profit after tax (PAT) for the quarter ended December 31, 2012 at Rs 70.6 crore as against Rs 25 crore reported in the same period previous year.

The impact on profits due to increase in gas cost in the previous year was mostly mitigated in 2012,' the company informed in a statement issued after the results announcement on Thursday.

Company's consolidated net sales for the quarter stood at Rs 756.5 crore as compared to Rs 641.5 crore in the same quarter previous year.

Net sales and profits increased and the company grew its customer base during the quarter, the statement said.

For the financial year ended December 2012, GGCL registered PAT of Rs 288.5 crore on consolidated basis as compared to Rs 274.8 crore in the previous year, showing 5% rise. Net sales for the year were registered at Rs 3,067 crore as compared to Rs 2,382 crore in the previous year.

"The cost of RLNG has increased sharply in fourth quarter of 2012, which had a significant impact on our costs, as RLNG constitutes 47% of the sourcing mix," said Sugata Sircar, MD, GGCL.