State-run city gas distribution (CGD) player, Gujarat Gas Limited (GGL), on Monday posted a steep jump of 200 per cent in the standalone net profits at ₹371 crore for the quarter ending December 31, 2022, as against ₹122 crore reported in the corresponding quarter last year.

The sharp jump in net profits comes despite a 27-per cent drop in the revenues from operations at ₹3,821 crore during Q3 FY23 as against ₹5,241 crore in Q3 FY22.

In its regulatory filing, the company informed that its ‘cost of materials consumed’ dropped by 39 per cent to ₹2,831 crore during the quarter from ₹4,671 crore in the corresponding quarter last year. The total expenses for the quarter reduced to ₹3,356 crore, down by 35 per cent from Rs 5,115 crore in the same quarter last year.

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During the quarter, GGL added 48,600 new domestic customers, 228 commercial customers, and commissioned 49 new industrial customers. It crossed the landmark of 750 stations by adding 12 new CNG stations. As on December 31, 2022, the company had signed a volume of 5,25,000 standard cubic meter per day, which is yet to be commissioned, it added.

On the sales volumes during Q3, GGL recorded 4.05 million metric standard cubic metre per day (mmscmd) of gas sales in the industrial segment, 2.43 mmscmd in CNG, 0.67 mmscmd in piped natural gas (PNG) for domestic, and 0.14 mmscmd for PNG commercial segment.

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For the nine-month period, GGL’s standalone net profit stood at ₹1156 crore, up 37 per cent from ₹841 crore in the corresponding period last year. Revenues from operations stood at ₹13,232 crore for the nine-month period, up 10 per cent from ₹12,014 crore in the corresponding quarter last year.

GGL shares gained nearly one per cent to trade at ₹484.55 on BSE on Monday.

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