Gujarat Gas Q2 Results: Net Profit Nearly Doubles On Higher Margin
Gujarat Gas' Q2 year-on-year revenue from operations rose to Rs 4,107.83 crore vs Rs 3,698.67 crore.
Gujarat Gas Ltd.'s consolidated net profit for the quarter ended September almost doubled, beating analyst estimates on the back of higher margins.
The consolidated net profit of the gas marketer for the second quarter nearly doubled to Rs 404.4 crore, from Rs 245.48 crore over the same period last year. That compares with the Rs 355 crore consensus forecast of analysts tracked by Bloomberg.
Gujarat Gas Q2 FY23 Highlights (YoY)
Revenue from operations for the period rose to Rs 4,107.83 crore vs Rs 3,698.67 crore.
Operating profit or Ebitda rose to Rs 642.74 crore vs Rs 418.99 crore.
Ebitda margin rose to 15.6% vs 11.32%.
However, the company's total gas sales volume declined due to shutdown of tiles and ceramic units.
In Q2 FY23, Gujarat Gas sold 7.62 million metric standard cubic meters of gas to various sectors.
It sold 4.47 million metric standard cubic meters of natural gas to industries.
Compressed natural gas sales stood at 2.32 mmscm.
Sale of piped natural gas to domestic consumers stood at 0.69 mscmd.
Sale of piped natural gas to commercial consumers stood at 0.14 mmscmd.
The company has fully prepaid outstanding long-term loan post quarter end. It continues to have a comfortable liquidity position, Gujarat Gas said in a statement.
The company has signed a memorandum of understanding with Tata Power Co. to install electric vehicle charging facilities at the company's CNG stations, initially on a pilot basis, it said.