Astronger-than-expected March quarter performance helped Gujarat Gas Ltd shares gain over 5% on Wednesday. Firm industrial gas demand from the Morbi cluster in Gujarat and rising compressed natural gas (CNG) volumes helped its sales volumes.
The average sales volume for the quarter rose 22 % year-on-year to 12.13 mmscmd (million metric standard cubic metres per day). Industrial and CNG volumes grew 24% and 16% year-on-year, respectively. Volumes in the Morbi cluster were up 33% year-on-year, while the CNG business achieved the highest-ever quarterly volumes. The company had added 150 new CNG stations in FY21, taking its total outlets to 559.
Since the company had taken price hikes for commercial gas in January, its net realizations rose 17% sequentially, according to analysts.
