Gujarat Gas Q2 PAT falls 48% YoY to Rs 249 crore

Gujarat Gas reported 47.5% fall in standalone net profit to Rs 249.05 crore on a 43.8% rise in revenue from operations to Rs 3,685.90 crore in Q2 FY22 over Q2 FY21.

Profit before tax in Q2 FY22 stood at Rs 334.25 crore, down by 47.3% from Rs 634.28 crore in Q2 FY21.

The company's total gas sales volumes for the quarter ended on 30 September 2021 was at 11.41 million standard cubic meters per day (mmscmd) as against 9.85 mmscmd in the quarter ended on 30 September 2020, up 15.85% on a YoY basis.

Of total gas sales volumes, Industrial sales volume was 8.69 mmscmd (up 10.6% YoY), CNG sales volume was 1.96 mmscmd (up 53.1% YoY), PNG - Domestic sales volume was 0.64 mmscmd (flat YoY) and PNG - Commercial sales volume was 0.12 mmscmd (up 71.4% YoY) during the period under review.

The company added 26 new CNG stations during the quarter.

In Q2 FY22, the company witnessed the strong growth in the natural gas demand, mainly from CNG and commercial categories. The company currently continues to flow total gas volume close to 12 mmscmd.

Gujarat Gas (GGL) is India's largest CGD company, with 27 CGD licenses spread across 43 districts in six states and one union territory. GGL is engaged in distribution of natural gas (piped and compressed) and currently supplies PNG to industrial, commercial and domestic customers along with CNG to the transportation sector.

The scrip shed 0.64% to currently trade at Rs 593.10 on the BSE.

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