Companies

Gujarat Gas standalone Q1 net at ₹476 crore

Our Bureau Ahmedabad | Updated on August 05, 2021

Increases seven times from the same quarter last financial year

State-run city gas distribution player Gujarat Gas Limited posted standalone net profit of₹476 crore for the quarter ended June 30, a seven times increaseagainst a profit of ₹59 crore in the corresponding quarter last year.

Standalone revenue from operations stood at ₹3,066 crore against ₹1,107 crore in the corresponding quarter last year.

The company said due to the impact of Covid-19, primarily in the quarter ended June 2020, the results of the company for the period under review are not comparable to the same quarter last year.

The company's total gas sales volume for the quarter was 10.01 million standard cubic meters per day (mscmd) against the average sales of 9.39 mscmd during FY21.

During the quarter, the company added 11 new CNG stations.

The second wave of Covid-19 and the subsequent local restrictions imposed by authorities had impacted the demand for natural gas.

“As restrictions are lifted to a great extent in the company's operating areas, the natural gas demand has normalised to the fourth quarter of 2020-21 levels. The company currently continues to flow total gas volume close to 12 mscmd,” a statement said.

On the operational front, the company said that in addition to the commencement of supply of 0.67 mscmd gas from the block KG-DWN-98/3 (KG-D6) during the quarter ended on March 2021, during the April to June quarter, the company's domestic gas portfolio received a further boost with the commencement of 1.33 mscmd gas supply from the recently auctioned RJ-ON-90/1 Block of the Barmer field in Rajasthan under the gas purchase agreement with one of the upstream suppliers, thestatement added.

Gujarat Gas said that it has a comfortable liquidity position and has partly prepaid the term loan to the extent of ₹170 crore during the quarter.

The company's shares closed at ₹772.25, up by 0.23 per cent on the BSE on Thursday.

Published on August 05, 2021

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