Gujarat Gas Company Limited (GGCL) has registered a profit after tax of Rs 46.2 crore in the fourth quarter of the current financial year, up by 42 per cent from Rs 32.5 crore in the corresponding quarter previous fiscal on the back of an 18 per cent rise in net sales that stood at Rs 377.9 crore during the quarter compared to Rs 320.4 crore the year before.
About 55 mmscm of short term RLNG was procured during the quarter, a significant portion of which was supplied by BGIESPL, a subsidiary of the BG Group. RLNG constituted about 20 per cent of the company’s sourcing portfolio for the quarter and enabled the overall growth in volumes. The retail volumes grew by 20 per cent during the quarter, driven mainly by the industrial and CNG segments, while overall volume growth was 10 per cent over the same quarter last year.More than 109,000 natural gas vehicles ply in the company’s markets now, which is higher by 30 per cent over the previous year.
Shaleen Sharma, managing director of GGCL said, "The company has succeeded in growing its volumes in the second half of 2009 with the help of short term RLNG. We see RLNG as well as KG D6 gas which the company has applied for, as the two significant sources of gas which would enable long term growth of the company. The company has invested Rs 155.3 crore in network extension and infrastructure upgradation during 2009 and will await clearance from regulatory authorities before venturing in new areas under its plan."
The consolidated net sales for the 12 months ended December 31, 2009 were Rs 1386.9 crore, compared to Rs 1273.9 crore in the corresponding period of the previous year. The total volume of gas sold during the 12 months period was 1035 mmscm compared to 1089 mmscm in the corresponding period last year. The profit after tax was Rs 175 crore compared to Rs 161.5 crore (including Rs 9.1 crore of non recurring income) in the corresponding period in the previous year.
The company plans to extend its pipeline network and grow its customer base subject to regulatory approvals. Gujarat Gas Company Limited, a subsidiary of BG Group plc, currently distributes approximately 3.2 mmscmd of natural gas and is India’s largest private sector gas distribution company in terms of sales volume.
