Gujarat State Petronet (GSPL) reported 31.1% fall in standalone net profit to Rs 170.93 crore on a 14.6% decrease in net sales to Rs 402.41 crore in Q3 FY22 over Q3 FY22.
Revenue from Gas Transportation was Rs 398.93 crore (down 14.5% YoY) while that from Electricity Sales was Rs 3.68 crore (down 20.17% YoY) during the quarter.Profit before tax in Q3 FY22 stood at Rs 232.94 crore, down by 27.3% from Rs 320.39 crore in Q3 FY22.
The company's Q3 transmission volume was 22.34 mmscmd (million metric standard cubic metres per day), down 30% YoY.
Total expenditure during the quarter shed 3.64% YoY to Rs 182.50 crore. Gas transmission expense was Rs 54.02 crore (down 25.03% YoY) and finance cost stood at Rs 1.09 crore (down 79.32% YoY) while other exepenses was at Rs 52.78 crore (up 33.93% YoY).
On a consolidated basis, the company's net profit rose 22% to Rs 359.33 crore despite of 27.2% decline in net sales to Rs 3,998.04 crore in Q3 FY23 over Q3 FY22.
Gujarat State Petronet's primary business objective is to connect various supply sources and users of natural gas in Gujarat through its gas pipeline network. GSPL is the leader in natural gas transmission business in Gujarat and is the second-largest natural gas transmission player in India. GSPL also sells electricity generated through its 52.50 MW windmills.
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