Gujarat State Petronet hits record high as Q1 profit beats estimate

The stock surged by 13% to Rs 141, also its record high on the BSE, in early morning trades.

Shares of Gujarat State Petronet (GSPL) surged 13% to hit a record high of Rs 141 on the BSE in early trades after the company reported a better-than-expected 33% year-on-year (YoY) jump in net profit at Rs 113 crore for the quarter ended June 30, 2015 (Q1), on the back of strong operational performance and lower interest costs. The company had posted a profit of Rs 85 crore in the year-ago quarter.

Net sales of the company grew 11.3% at Rs 256 crore on a Y-o-Y basis, GSPL said in a statement.

Analysts on an average had expected net profit of Rs 104 crore on net sales of Rs 257 crore for the quarter.

The interest burden of the company in the quarter declined by 35% to Rs 20.73 crore against Rs 32.06 crore in the corresponding quarter last year.

At 11:03 AM, the stock was up 9% at Rs 137 on the BSE. The trading volumes on the counter jumped more than five-fold, with a combined 3.31 million shares changing hands on the BSE and NSE so far.