Gujarat Gas Q2 results: Net profit drops 26% on lower selling prices
Indian city gas distributor Gujarat Gas posted a more than 26% drop in second-quarter profit on Thursday, hurt by lower selling prices and steep competition.
Standalone net profit after tax fell to 2.98 billion rupees ($35.82 million) in the three months ended Sept. 30 from 4.04 billion rupees a year earlier.
Revenue from operations dropped more than 2% to 39.91 billion rupees.
City gas distributors have cut their prices this year to pass on the benefits of falling global gas prices amid stringent competition.
