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Gujarat Gas Shares Zoom 14% on Strong Q3 Results

(File photo: Reuters)

(File photo: Reuters)

The shares of the company were trading at Rs 435.90 witnessing an increase of 56.15 points or 14.79 percent on the BSE at 1:02 pm. Similarly, on the National Stock Exchange (NSE), the shares stood at Rs 436.70 up by 56.85 points or 14.97 percent.

Gujarat Gas shares zoomed 14 percent to Rs 433 on the Bombay Stock Exchange (BSE) in intra-day trade on Monday, February 8. The surge was seen post the strong December Quarter results where the company’s consolidated net profit nearly doubled to Rs 392 crore. The shares of the company were trading at Rs 435.90 witnessing an increase of 56.15 points or 14.79 percent on the BSE at 1:02 pm. Similarly, on the National Stock Exchange (NSE), the shares stood at Rs 436.70 up by 56.85 points or 14.97 percent.

Other announcements made in the quarterly results:

1. The revenue of the company increased by 12.9 percent to Rs 2,829 crore on yearly basis.

2. The sales volume of the company also jumped 22.9 percent year on year.

3. The company reported an improvement in its gross margins to Rs 1.2/scm on yearly basis to Rs 7.8/scm. Also, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 614.8 crore, increasing by 65.9 percent.

4. The company's average gas sales volume for the December Quarter was at 11.44 mmscmd, up 23 percent against the corresponding quarter of the previous year.

5. The gas sales volume was up by 29 percent and 2 percent in the industrial and compressed natural gas (CNG) category respectively during the current quarter against the corresponding quarter previous year and 16 percent and 20 percent respectively compared to the previous quarter.

6. The company also informed that currently, it has a comfortable liquidity position and prepaid term loans of Rs 988 crore during the nine months period ended on 3Ist December 2020, while continuing to service its debt obligations.

Established in the year 1980, the company is owned by Gujarat State Petroleum Corporation. Itis the largest CGD Company in terms of market share catering to more than 14.4 lakh residential consumers, over 12,600 commercial customers, dispensing CNG from 396 CNG stations for vehicular consumers and providing clean energy solutions to over 3,700 industrial units through its widespread operations with around 24,300 kilometres of Natural Gas pipeline network.