Gujarat Gas surges 7%, nears 52-week high on strong Q4 results
Shares of Gujarat Gas Company rose 7 per cent to Rs 576.60 on the BSE in intra-day trade on Wednesday. The company posted a strong set of numbers for the quarter ended March (Q4FY21). The stock of the Gujarat Gas Company was trading close to its 52-week high level of Rs 580, touched on April 9, 2021.
In Q4FY21, the integrated oil & gas firm‘s revenue grew 28.6 per cent year on year to Rs 3,429 crore as sales volume jumped 22 per cent YoY to 12.1 mmscmd. Profit after tax (PAT) increased 42.3 per cent YoY to Rs 350 crore. Ebitda (earnings before interest, taxes, depreciation, and amortization) increased 29.9 per cent YoY at Rs 554 crore on account of better operating leverage.
The company’s gas sales volume has shown a potential growth trajectory during the quarter under review. The company’s average gas sales volume for the quarter was at 12.13 mmscmd, from 22 per cent compared to the same quarter the previous year. ln the industrial and CNG category, the gas sales volume grew by 24 per cent and 16 per cent, respectively compared to the same quarter previous year, and 5 per cent and 11 per cent respectively compared to the previous quarter.
The management said the restrictions imposed to curb the outbreak of the recent Covid-19 wave had an impact on the natural gas demand mainly from CNG, industrial and commercial categories. As restrictions are being lifted gradually in many of the company’s operating areas, natural gas demand is likely to improve. The company’s gas sales volume to date in FY22 stands close to 10 mmscmd as against average gas sales of 9.39 mmscmd in FY21, the management said.