Gujarat Gas Company has rallied over 16% to Rs 189 after the company has reported a strong 91% year-on-year (yoy) jump in its consolidated net profit at Rs 101 crore for the second quarter ended June 30, 2013 (Q1), due to lower raw material cost. The company had profit of Rs 52.89 crore during the same quarter year ago.
The consolidated net sales for the quarter however, declined by 2.5% at Rs 747 crore against Rs 765 crore in the corresponding quarter of previous year.
The raw material cost has declined by 14.5% yoy and 15.7% on sequentially at Rs 542 crore during the recently concluded quarter.
“RLNG (re-gasified liquefied natural gas) cost came off the peak levels it had reached in the immediately preceding quarter, thereby enabling some recovery of margins which were impacted in the preceding quarter. RLNG continues to be a significant portion of the sourcing portfolio,” said Sugata Sircar, managing director of Gujarat Gas Company.
The company, which follows January-December fiscal, got more than 17,500 new residential customers during the quarter under review, the statement said.
The stock opened at Rs 171 and touched a high of Rs 194 on NSE. A combined 60,707 shares changed hands on the counter so far on NSE and BSE.
The consolidated net sales for the quarter however, declined by 2.5% at Rs 747 crore against Rs 765 crore in the corresponding quarter of previous year.
The raw material cost has declined by 14.5% yoy and 15.7% on sequentially at Rs 542 crore during the recently concluded quarter.
“RLNG (re-gasified liquefied natural gas) cost came off the peak levels it had reached in the immediately preceding quarter, thereby enabling some recovery of margins which were impacted in the preceding quarter. RLNG continues to be a significant portion of the sourcing portfolio,” said Sugata Sircar, managing director of Gujarat Gas Company.
The company, which follows January-December fiscal, got more than 17,500 new residential customers during the quarter under review, the statement said.
The stock opened at Rs 171 and touched a high of Rs 194 on NSE. A combined 60,707 shares changed hands on the counter so far on NSE and BSE.
