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Gujarat Gas firms up after stellar Q2 numbers

Capital Market 

Gujarat Gas reported a consolidated net profit of Rs 517.03 crore in Q2 September 2018, a surge of 1161% compared with net profit of Rs 41 crore in Q2 September 2018.

Net sales rose 27.9% to Rs 2512.91 crore in Q2 September 2019 over Q2 September 2018. The company's profit before tax surged by 352% to Rs 261.11 crore in Q2 September 2019 as compared to the corresponding quarter in the last fiscal.

Shares of Gujarat Gas rose 1.27% to Rs 207.95. The stock has traded in the range of Rs 206 and Rs 217 so far during the day. On the BSE, 1.12 lakh shares were traded in the counter so far compared with average daily volumes of 94,614 shares in the past two weeks.

The company elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019 dated 20 September 2019. In accordance with same, the company has recognized provision for income tax for the six month ended on 30 September 2019 and re-measured its deferred tax liabilities.

Accordingly, the company has written back taxes to the tune of Rs 255.92 crore in Q2 September 2019 as against a total tax expenditure of Rs 16.66 crore in Q2 September 2018.

Gujarat Gas operates in the segment of natural gas business and is India's largest city gas distribution company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 09:56 IST
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