The consolidated net sales for the quarter increased by 37% over the same quarter previous year and by 11% over the immediately preceding quarter due to higher realization and sustained growth in certain segments. The Company made a significant recovery of Profit After Tax to Rs 654 million compared to Rs 250 million in the immediately preceding quarter.
The CNG segment registered an impressive growth with a 13% increase in volumes over the same period last year. Over 7,757 vehicles were converted to CNG during the quarter.
Consolidated net sales for the quarter were Rs 7,143 million compared to Rs 5,203 million for the same quarter in the previous year. The total volume of gas sold during the quarter was 304 mmscm, compared to 303 mmscm in the same quarter of the previous year. The consolidated Profit after Tax (PAT) for the quarter was Rs 654 million, compared to Rs 723 million in the same quarter of the previous year.
While GGCL continues to make efforts to secure a competitive and optimised gas supply portfolio through a mix of gas from indigenous sources and LNG, increase in the price of Brent and the weakening Indian Rupee continues to impact the landed cost of gas. Speaking on the occasion of the results, Mr. Shaleen Sharma, Managing Director, said “GGCL continues to consolidate its long term strategy to optimize its gas sourcing portfolio whilst increasing focus on securing high value market segments in the backdrop of increasing gas costs, driving a change in the mix of customers. The company expects to receive authorisation from the PNGRB shortly. Tariff application will be filed considering the expected growth potential, following the authorization.
Gujarat Gas Company Limited, a subsidiary of BG Group plc (65.12%), distributed approximately 3.3 mmscmd of natural gas during Q1, 2012. GGCL continues to be India’s largest private sector gas distribution company in terms of sales volume. It has proven expertise in distributing gas to the entire range of customers - Industrial, Commercial, Domestic and CNG. GGCL distributes gas to about 349,296, industrial, commercial and domestic customers through a pipeline network of approximately 4,062 km and CNG to over 175,757 vehicles through 44 retail outlets.
Note: The above figures are based on the consolidated results