Gujarat Gas Q2 Net jumps 91% to Rs 101 crore

AHMEDABAD: Gujarat Gas today reported 91.2 per cent jump in net profit at Rs 101.13 crore in the second quarter ended June 30, 2013.

Gujarat Gas is a subsidiary of GSPC Distribution Network Ltd (GNDL), which recently acquired 73.70 per cent stake in the firm.

The company, earlier a subsidiary of BG Group, had reported a net profit of Rs 52.88 crore in the corresponding period a year ago.

Announcing the second quarter results, the first after takeover by GDNL, Gujarat Gas said its consolidated profit after tax (PAT) for the quarter ended June 30 stood at Rs 100.6 crore as against Rs 59.50 crore in the preceding quarter.

"RLNG (re-gasified liquefied natural gas) cost came off the peak levels it had reached in the immediately preceding quarter, thereby enabling some recovery of margin which was impacted in the preceding quarter," Gujarat Gas Managing Director Sugata Sircar said in a statement here.

The company, which follows January-December fiscal, got more than 17,500 new residential customers during the quarter under review, the statement said.

The GDNL unit currently distributes approximately 2.8 mmscmd of natural gas. The PSU distributes gas to about 4,04,000 industrial, commercial and domestic customers through its pipeline network and CNG to over 200,000 vehicles via 56 retail outlets.