Gujarat Gas declined 1.78% to Rs 304.15 after consolidated net profit slumped 74.8% to Rs 59.07 crore on 58.6% drop in net sales to Rs 1,082.92 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) dropped 78.2% to Rs 78.70 crore in Q1 June 2020 over Q1 June 2019. Current tax expense for the quarter tumbled 82.6% at Rs 19.22 crore as against Rs 110.65 crore in Q1 June 2019. The result was declared post market hours yesterday, 4 August 2020.
Gujarat Gas' total gas sales volume for the quarter was at 4.14 million metric standard cubic meters per day (MMSCMD). During the quarter, company commercialised 13 new CNG stations.
The company's gas sales volume has shown a robust recovery post lockdown. The company is currently flowing total volume close to 9.5 MMSCMD as against FY20 average sales of 9.44 MMSCMD. As of now, all the offices are functioning normally with highest standard of safety precautions. The firm said it currently has a comfortable liquidity position and continues to service its debt obligations.
Gujarat Gas operates in the segment of natural gas business and is India's largest city gas distribution company.
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