Companies

Gujarat Gas Q2 net skyrockets on strong recovery in gas sales volumes

Our Bureau Ahmedabad | Updated on November 05, 2020

The company report standalone Q2 net profit at ₹475 crore

City gas distribution (CGD) major Gujarat Gas Limited informed that its gas sales volumes have shown robust recovery post lockdown, taking the company's standalone net profits to ₹475 crore for the quarter ended September 2020, multiple times higher from ₹59 crore in the previous quarter.

Standalone revenues from operations more than doubled to ₹2,560 crore for the quarter under review as against ₹1,107 crore reported in the previous quarter, which had a larger part under the Covid-19 related lockdown.

The company informed that its industrial gas sales volumes have reached above pre-lockdown level. "In CNG category and Commercial category gas sales volumes stand at 90% and 70% of pre-lockdown levels respectively," Gujarat Gas said in a regulatory filing on Thursday after the board meeting to announce the results.

Gujarat gas is currently flowing total gas volume of 10.50 mmscmd (million metric standard cubic meter per day) as against the 9.44 mmscmd for the average of fiscal 2019-20.

The company further informed that it has a comfortable liquidity position and prepaid term loan of ₹363 crore during the current quarter, while continuing to service its debt obligations.

Gujarat Gas shares ended positive on BSE to close at ₹301.25 on Thursday up 1.7 per cent from previous closing.

Published on November 05, 2020

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