Gujarat Gas slips after Q3 PAT falls 69% YoY

Gujarat Gas fell 1.89% to Rs 652.05 after the company posted a 68.8% fall in standalone net profit to Rs 121.93 crore in Q3 FY22 from Rs 390.78 crore registered in Q3 FY21.

Net sales jumped 81.6% to Rs 5,144.43 crore in Q3 FY22 from Rs 2,833 crore reported in Q3 FY21. Profit before tax declined 69% to Rs 161.88 crore in Q3 FY22 as compared to Rs 522.20 crore recorded in the same period last year. Gujarat Gas said abnormally high LNG prices volatility temporarily impacted the profitability this quarter. However, the company said it sees signs of softening of prices.

The company's total expenditure surged 121.2% year on year to Rs 4,906 crore in Q3 FY22.

On the operational front, the company's total gas sales volumes for the quarter ended on 31 December 2021 was at 11.39 mmscmd as against FY21 average sales of 9.40 mmscmd. The company's CNG sales continued to show robust growth of 39% as compared to corresponding quarter previous year. The company said it added 58 CNG stations during the quarter ended on 31 December 2021.

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.

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