Gujarat Gas Limited has registered a 26.74 per cent year on year (YoY) fall in net profit in the July-September quarter of financial year (FY) 2023-24. The net profit during the quarter stood at Rs 2.96 billion as against Rs 4.04 billion in the same period during 2022-23.
The revenue from operations witnessed a fall of 2.84 per cent on YoY basis from Rs 41.08 billion in the second quarter of FY 2022-23 to Rs 39.91 billion in the second quarter of FY 2023-24. The total gas sales volume increased by 22 per cent from 7.62 million standard cubic meters a day (mscmd) to 9.32 mscmd.
Besides, the industrial sales volume rose by 31 per cent from 4.47 mscmd in July-September 2022 to 5.86 mscmd in July-September 2023 period whereas it has registered average compressed natural gas (CNG) sales of 2.62 mscmd during the quarter.
Moreover, Gujarat Gas has added around 0.05 million new domestic customers, 221 commercial customers and commissioned about 61 new industrial customers during the second quarter of FY 2023-24. As on September 30, 2023, the company has a signed volume of 542,000 scmd yet to be commissioned. The company has embarked on major digitisation initiatives across various business processes viz. piped natural gas (PNG) and CNG, liquefied natural gas (LNG) tanker, billing, collection, vendor invoice submission, e filing, etc.