City gas distribution company Gujarat Gas announced its financial results for the second quarter of the 2024-25 fiscal year on Wednesday, November 6. The company reported an increase in its compressed natural gas (CNG) volumes to 2.93 million metric standard cubic metres per day (mmscmd), a 12% growth compared to the same period last year.
The company’s revenue for the quarter stood at ₹3,949 crore, slightly lower than the ₹3,991 crore recorded in the second quarter of the previous financial year. Despite this marginal drop in revenue, Gujarat Gas registered an increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA), reaching ₹553 crore, up 5% from the ₹526 crore reported in the corresponding quarter of the previous year. Profit after tax (PAT) rose to ₹307 crore, 3% up from the ₹298 crore in the same quarter last year.
During this period, Gujarat Gas recorded total sales volumes of 8.75 mmscmd, a decrease from the 9.32 mmscmd reported in the second quarter of the previous fiscal year. However, the half-year sales volumes displayed a growth of 6%, totalling 9.86 mmscmd. Sales volumes in the industrial segment reached 4.91 mmscmd, while CNG volumes were recorded at 2.93 mmscmd. In the domestic piped natural gas (PNG) sector, volumes reached 0.76 mmscmd, with an additional 0.15 mmscmd from the commercial PNG sector.
The company said it continues to benefit from favourable government policies, which have fostered strong demand and growth. Throughout the quarter, Gujarat Gas expanded its operations, adding over 38,500 new domestic connections and establishing nine additional CNG stations. The company also secured an additional 88,000 standard cubic metres per day (scmd) of industrial volume, with a further 527,000 scmd signed and set for commissioning in the coming months.
The shares of the company ended 3% in the green ahead of the result announcement on Wednesday.
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(Edited by : Shoma Bhattacharjee)