Gujarat Gas Q4 Results: Net profit falls 16% to ₹369 crore, dividend declared

Leading city gas distributer (CGD) Gujarat Gas announced its Q4FY23 results on May 10, reporting a fall in net profit by 16 per cent to ₹369 crore, compared to ₹444 crore in the corresponding period last year. 

The company’s board has declared a dividend of ₹6.65 per equity share of ₹2 each to the shareholders for fiscal 2022-23. Revenue from operations for the January-March quarter came in at ₹4,073.82 crore, registering a decline of 14 per cent, compared to ₹4,773.37 crore in the year-ago period.

For the year ended March 31, 2023, the company reported a standalone profit after tax (PAT) of Rs. 1,525.47 crore, compared to Rs. 1,285.64 crore last year, registering a growth of 19 per cent. 

For the quarter ended March 2023, the company reported a recovery in total gas sales volume. It sold 8.86 mmscmd of volume, compared to 7.29 mmscmd registered in the previous quarter, which is an increase of 22 per cent. This was due to the sharp correction in the spot LNG prices, which the company had to pass on to its industrial customers. 

During the year, the company added close to 1,80,000 new domestic customers, 102 CNG stations, over 1,200 commercial and industrial customers (with a cumulative volume close to 7,00,000 scmd) in FY23. Similarly, for the fourth quarter, the company connected over 50,000 new domestic customers, added 60 CNG stations and commissioned over 400 commercial and industrial customers.

On May 10, shares of Gujarat Gas settled 0.88 per cent lower at ₹463 apiece on the BSE.

Leave a Reply

Your email address will not be published. Required fields are marked *