Gujarat Gas PAT soars to Rs 371 cr in Q3 FY23

The gas distribution company's standalone net profit surged 204.49% to Rs 371.26 crore in Q3 FY23 as against Rs 121.93 crore posted in Q3 FY22.

Revenue from operations declined 27.1% year on year (YoY) to Rs 3,821.28 crore in the quarter ended 31 December 2022.

Profit before tax in Q3 FY23 stood at Rs 497.40 crore, jump of 207.26% from Rs 161.88 crore posted in Q3 FY22.

Total expenses slipped 34.39% YoY to Rs 3,355.87 crore during the third quarter. Cost of materials consumed was Rs 2,831.25 crore (down 39.4% YoY) and finance costs stood at Rs 7.64 crore (down 45.43% YoY) while other expenses was at Rs 225.34 crore (up 16.36% YoY).

During the quarter, the company registered a total gas sales volume of 7.29 million metric standard cubic metre per day (mmscmd).

Industrial sales volume was 4.05 mmscmd and CNG sales volume was 2.43 mmscmd in Q3 FY23. PNG domestic and commercial sales volumes during the period under review aggregated to 0.67 mmscmd and 0.14 mmscmd, respectively.

During the quarter, the company added close to 48,600 new domestic customers, 228 commercial customers, commissioned 49 new industrial customers and crossed the landmark of 750 stations by adding 12 new CNG stations. As on 31 December 2022, the company has a signed volume of about 5,25,000 scmd yet to be commissioned.

In Q3 FY23, CRISIL Ratings has upgraded rating on the long term bank facilities of company to AAA/Stable from AA+/Positive.

Gujarat Gas (GGL) is India's largest CGD company, with 27 CGD licenses spread across 43 districts in six states and one union territory. GGL is engaged in distribution of natural gas (piped and compressed) and currently supplies PNG to industrial, commercial and domestic customers along with CNG to the transportation sector.

The scrip rose 0.90% to currently trade at Rs 484.20 on the BSE.

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