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Non-Electrical Utilities company Gujarat Gas announced Q3FY24 results:
Financial Performance:
- Revenue from Operations: The Company reported a revenue from operations of Rs 4,084 crore for Q3FY24, compared to Rs 3,991 crore for the previous quarter, marking an increase.
- Profit After Tax (PAT): For the most recent quarter, the PAT stood at Rs 220 crore, which saw a decrease from Rs 298 crore reported in the quarter ended 30th September 2023.
Sales Volume Growth:
- Overall: A total sales volume of 9.16 mmscmd was achieved for the quarter, showing a substantial growth of 26% compared to the 7.29 mmscmd in the same quarter the previous year.
- Industrial: Sales volume in the industrial sector rose by 36% to 5.53 mmscmd.
- CNG: The Company recorded its highest-ever average CNG sales, reaching 2.78 mmscmd, which is a growth of 14% from the same period in the previous year.
- PNG Domestic and Commercial: Volumes for PNG Domestic and PNG Commercial were not explicitly reported.
Operational Highlights:
- New Connections: Approximately 38,000 new domestic customers, 197 commercial customers, and 69 new industrial customers were added during the quarter.
- Upcoming Commissions: The company looks forward to commissioning signed volumes of 8,23,000 scmd in the forthcoming days.
Strategic Developments:
- Gas Contracting: The Company successfully contracted approximately 0.50 mmscmd of domestic gas from an upstream supplier for four years.
- CNG Infrastructure: With the introduction of the Full Dealer Owned Dealer Operated (FDODO) scheme, the plan is to develop over 200 new CNG stations within the next 2-3 years.
Company’s Outlook:
- Gujarat Gas Limited remains the largest City Gas Distribution Company in India, boasting a pipeline network of approximately 38,000 km, over 815 CNG stations, and a connection network of more than 20.5 lakh households.
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