Gujarat Gas gains after Q2 net profit jumps

Gujarat Gas Company rose 2.44% to Rs 288 at 14:12 IST on BSE after consolidated net profit rose 19.70% to Rs 119.08 crore on 0.23% fall in net sales to Rs 828.30 crore in Q3 September 2013 over Q3 September 2012.

The result was announced after market hours on Tuesday, 12 November 2013.

Meanwhile, the BSE Sensex was down 53.71 points, or 0.26%, to 20,228.20.

On BSE, 12,000 shares were traded in the counter compared with average volume of 10,784 shares in the past one quarter.

The stock hit a high of Rs 296 and a low of Rs 285.55 so far during the day. The stock hit a 52-week high of Rs 313.25 on 1 February 2013. The stock hit a 52-week low of Rs 159 on 7 August 2013.

The stock had outperformed the market over the past one month till 12 November 2013, rising 3.10% compared with the Sensex's 1.20% fall. The scrip had also outperformed the market in past one quarter, rising 24.54% as against Sensex's 7.05% rise.

The mid-cap company has an equity capital of Rs 25.65 crore. Face value per share is Rs 2.

Gujarat Gas Company (GGCL) said total volume of gas sold during the quarter was 247 million metric standard cubic metre (mmscm) compared with 239 mmscm in Q2 June 2013.

The company connected more than 7,600 new residential customers during the quarter, taking the total residential connections to more than 36,000 in nine months till date in the year 2013, higher than 34,600 connections made in the twelve months of 2012. The company also commissioned more than 67,500 standard cubic meters per day (scmd) of new volumes in the industrial sector during the quarter.

Speaking on the occasion of the results, Mr. Sugata Sircar, managing director, said "Our endeavour has been to anticipate movements in input costs to the extent possible and to prepare for the same through pricing and volume optimisation. This is showing results. Quarterly variations remain due to variability in certain factors. The results for the nine months ended 30 September 2013 also show a positive trend. The Board, considering the performance, cash balances and capital expenditure plans, declared an interim dividend of Rs 9 per equity share."

Gujarat Gas Company, a subsidiary of GSPC Distribution Networks (GDNL), currently distributes approximately 2.8 million metric standard cubic meter per day (mmscmd) of natural gas. The company continues to be India's premier gas distribution company with a proven expertise in distributing gas to the entire range of customers - industrial, commercial, domestic and CNG. The firm distributes gas to about 413,000 industrial, commercial and domestic customers through its pipeline network and CNG to over 200,000 vehicles through 55 retail outlets.

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