Comments
Gujarat Gas Ltd on Monday reported a 77 per cent jump in net profit for the quarter ended March 2019 on the back of higher sales.
Its net profit in the January-March period at Rs 116.54 crore, or Rs 1.69 a share, was higher than Rs 65.95 crore, or Rs 0.96 per share, earning in the corresponding period of the previous fiscal, the company said in a regulatory filing.
The company’s sales rose to Rs 1,963.26 crore from Rs 1,777.82 crore in January-March 2018.
For the full fiscal 2018-19, net profit was up 43 per cent at Rs 417 crore.
The company added 63 new CNG stations in 2018-19, highest-ever in a year . The firm commissioned its first CNG station in Narmada within four months of receiving city gas distribution licence.
Gujarat Gas added close to 1 lakh domestic cooking gas connections and 300 industrial customers during 2018-19.
“The National Green Tribunal has ordered on March 6, 2019, to ban the use of coal-based gasifiers in Morbi, Gujarat. As a result of this order, the industrial sales volumes in Morbi have increased from mid-March 2019 and are currently flowing in the range of around 4.50 million standard cubic metre per day (mmscmd),” a company statement said.
Currently, Gujarat Gas sells about 8.5 mmscmd of natural gas. It is the country’s largest gas distribution company in terms of sales volume, geographical spread and customer base.
The company distributes gas to about 13.55 lakh domestic and 3,540-plus industrial users. It has around 344 CNG retail outlets.
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.