Gujarat Gas shares surge 14% on strong December quarter results
Shares of Gujarat Gas surged 14 per cent to Rs 433 on the BSE in intra-day trade on Monday, amid heavy volumes, after the company’s consolidated net profit nearly doubled to Rs 392 crore in the December quarter (Q3FY21) on the back of healthy revenue growth. The company had posted a profit of Rs 197 crore in the year-ago quarter.
Revenues increased 12.9 per cent year-on-year (YoY) to Rs 2,829 crore as sales volume jumped 22.9 per cent YoY. Gross margins improved Rs 1.2/scm YoY to Rs 7.8/scm. Ebitda (earnings before interest, taxes, depreciation, and amortisation) was at Rs 614.8 crore, up 65.9 per cent YoY.
The company’s gas sales volume has shown a robust recovery post lockdown. The average gas sales volume for the quarter was at 11.44 mmscmd, up 23 per cent compared with the corresponding quarter previous year.
