Private sector gas distributor in terms of sales volumes, Gujarat Gas Company Ltd (GGCL), on Monday

reported a 24% increase in net profit and 29% in consolidated sales in the third quarter ended September 30, 2012 as compared with the corresponding quarter last year.

While the sales were Rs 830 crore (Rs 643 crore), PAT stood at Rs 100 crore (Rs 81 crore), according to a company release here.

On Monday, the company’s share price closed 0.22% down at Rs 298.70 at the BSE.

Sugat Sircar, Managing Director, said the company optimises its gas sourcing portfolio effectively even as 47% of its sourcing mix is fuelled by regassified LNG.

The company has filed for its tariff application with the PNGRB for its transmission pipeline and expects to receive authorization shortly for its city gas distribution areas, he said.

The total volume of gas sold in Q3 was 295 million metric standard cubic metres (mmscm) compared with 326 mmscm in Q3FY11.

GGCL, a subsidiary of BG Group plc (65.12%), currently distributes about 3.2 mmscm of natural gas to 3.67 lakh industrial, commercial and domestic customers through its pipeline network, and CNG to 1.87 lakh vehicles through 50 outlets.

On October 3, 2012, GGCL’s majority shareholder BG Asia Pacific Holdings Pte Ltd (BGAPH) had signed a share purchase agreement with GSPC Distribution Network Ltd (GDNL) for sale of its entire shareholding in the company. BGPH’s shares will be transferred to GDNL after the satisfaction of conditions in the agreement, which include a mandatory open offer for up to 26% of the company’s shareholding to other shareholders and the required regulatory approvals.

Related Topics
comment COMMENT NOW