Comments
Despite growth in its top line, a weaker rupee and higher proportion of RLNG in gas mix impacted the cost of gas for Gujarat Gas Company Ltd (GGCL) in the second quarter ended June 30, 2012, reducing its profit after tax (PAT) by 20 per cent compared to the preceding quarter.
While GGCL’s sales were at Rs 765.9 crore (Rs 714.3 crore), an increase of 7 per cent, net profit stood at Rs 52.5 crore (Rs 65.4 crore) during Q2, Mr Sugata Sircar, Managing Director, said in a statement here.
On Friday, GGCL’s share price was up 0.96 per cent at Rs 310 on the BSE.
During the last six months, GGCL has completed more than 161 km of steel and PE pipeline network. It also received authorisation from PNGRB for its transmission pipeline and expects to get authorisation shortly for its city gas distribution areas, he said.
GGCL, a subsidiary of British Gas (65.12 per cent), currently distributes 3.2 mmscmd of natural gas in Gujarat, making it the largest private sector gas distributor in the country in terms of sales volume.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.