Gujarat Gas Q1 standalone net profit at ₹59 crore

City gas distribution major, Gujarat Gas Limited posted a standalone net profit at ₹59 crore for the first quarter ended June 2020, as against ₹234 crore reported in the same quarter last year.

The standalone revenues from operations fell to ₹1,107 crore for the quarter, which was recorded at ₹2,671 crore in the corresponding quarter a year ago.

However, the company clarified that the results of the quarter ended June 2020 are not comparable with the corresponding quarter last year due to Covid-19 impact during the quarter under review.

“..The lockdown had an impact in the natural gas demand, mainly from industrial and CNG customers. However, from May, the demand has been gradually increasing in both industrial and CNG category and the current volume is around average volume of financial year 2019-20," it said in a note with the results.

On consolidated basis, its revenues from operations for the June quarter stood at ₹1,107 crore against₹2,671 crore in the same quarter last year. Consolidated net profit was recorded at ₹59 crore against ₹234 crore.

Company shares gained 1.34 per cent on Tuesday to close at ₹309.65 on BSE.