Gujarat Gas surges 2.5% post healthy Q2FY24 performance

Gujarat Gas shares surges over 2.5% during Friday's trading session after the announcement of healthy quarter numbers on Thursday.

The company has registered revenue from operations of ₹3,991cr during the quarter ended on September 30, 2023 as against ₹3,924cr for quarter ended on June 30, 2023. 

The standalone Profit After Tax (PAT) for the current quarter is ₹298cr as compared to ₹215cr for quarter ended on June 30, 2023, which is an increase of 38%.

For Q2FY24, the Company's sales volumes increased by 22% to 9.32 mmscmd from 7.62 mmscmd during same quarter last year. The industrial sales volumes increased to 5.86 mmscmd, an increase of 31%.

Further, according to the earnings statement, Gujarat Gas has achieved average CNG sales of 2.62 mmscmd for Q2FY24, growth of 13% on the back of investments in CNG station infrastructure coupled with favorable government policies.

Also, during the quarter, the Company added -53,000 new domestic customers, 221 commercial customers and commissioned 61 new industrial customers (with a cumulative volume close to 83,000 scmd).

“The company has embarked on major Digitization initiatives across various business processes viz. PNG & CNG, LNG Tanker, Billing, Collection, Vendor invoice submission, E-filing etc.”, Gujarat Gas said in a statement.

At around 9:58 AM, shares of Gujarat Gas surged by 2.5% at ₹418.40 per share on the BSE.