Gujarat Gas gains after Q4 PAT climbs 11% YoY to Rs 410 cr

Gujarat Gas rose 1.20% to Rs 554.20 after the company's standalone net profit jumped 11% to Rs 410.48 crore in Q4 FY24 as compared with Rs 369 crore in Q4 FY23.

Revenue from operations increased 5.4% YoY to Rs 4293.86 crore in the quarter ended 31 March 2024.

Profit before exceptional item and tax stood at Rs 494.02 crore, up 3.65% as compared with Rs 476.44 crore in Q4 FY23. Exceptional item stood at Rs 55.69 crore during the quarter.

For the quarter ended on 31 March 2024, the company's sales volumes increased by 9% to 9.69 million metric standard cubic meters per day (mmscmd) from 8.86 mmscmd during quarter ended on 31 March 2023. The industrial sales volumes increased to 5.80 mmscmd for quarter ended 31 March 2024 from 5.36 mmscmd for quarter ended 31 March 2023, an increase of 8%.

The compressed natural gas (CNG) category continues to witness strong momentum, as the consumer are benefitting from favourable government policies which has supported in terms of volume growth.

During the quarter, the Company added more than 50,800 new domestic customers, 271 commercial customers and commissioned 76 new industrial customers. Volume of 2,79,000 scmd is added due to commissioning of new industrial customers. Moreover, as on 31 March 2024, the company has a signed volume of 7,70,000 scmd which will be commissioned in coming days.

On full year basis, the companys standalone net profit declined 25.09% to Rs 1142.77 crore in FY24 as compared with Rs 1525.47 crore in FY23. Revenue from operations fell 5.85% to Rs 16,292.97 crore in FY24 as compared with Rs 17,306.16 in FY23.

Meanwhile, the company has declared a dividend of Rs 5.66 per share for FY24.

Further, the board has approved the appointment Rajesh Sivadasan as the chief financial officer (CFO), and head of investor relations department of the company with effect from 6 May, 2024.

Gujarat Gas is the largest city gas distribution company in India. The company has a network of -39,000 km of gas pipeline, distributing approx. 9.7 mmscmd of natural gas. The company operates more than 800 CNG stations and has connected more than 21.15 lakh households in six states and one union territory.

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