Gujarat Gas Q4 Results: Profit Jumps 86%, Margin Expands

Gujarat Gas Ltd.'s profit jumped sequentially in the fourth quarter of fiscal 2024, beating analysts' estimates.

The city gas distributor's net profit surged 85.7% year-on-year to Rs 410.48 crore in the January–March period, according to an exchange filing on Monday. Analysts tracked by Bloomberg had set a consensus estimate of Rs 305.74 crore.

• Revenue up 5.1% at Rs 4,134.18 crore (Bloomberg estimate: Rs 4,041.08 crore).

• Ebitda up 47.5% at Rs 591.07 crore (Bloomberg estimate: Rs 461.63 crore).

• Margin at 14.29% versus 10.19% (Bloomberg estimate: 11.4%).

• Net profit up 85.8% at Rs 410.48 crore (Bloomberg estimate: Rs 305.74 crore).

Gujarat Gas's total sales volume rose 5.8% quarter-on-quarter to 9.69 million metric standard cubic meter per day.

The highest volume growth was seen in the petroleum natural gas domestic segment, where sales volume grew 19.7% sequentially to 0.85 million metric standard cubic meter per day.

The compressed natural gas segment, which on average accounts for 30% of Gujarat Gas's total sales volume, continued to witness momentum. According to the company, consumer benefits due to favourable government policies have helped support volume growth.

Gujarat Gas added close to 1,87,000 new domestic customers during fiscal 2024.

According to the exchange filling, the company added 50,800 new domestic customers, 271 commercial customers and commissioned 76 new industrial customers during the fourth quarter.

Volume of 2,79,000 standard cubic meter per day were added on the back of commissioning of new industrial customers. The company will also commission volume of 7,70,000 standard cubic meter per day in the coming days.

Shares of Gujarat Gas closed 1.88% higher at Rs 546 apiece, before the results were announced, as compared with a 0.15% fall in the Nifty 50.