Gujarat Gas Company fell 1.07% to Rs 244.50 at 11:36 IST on BSE after consolidated net profit fell 9.02% to Rs 59.50 crore on 7% increase in net sales to Rs 762.90 crore in Q1 March 2013 over Q1 March 2012.
The company announced the Q1 results on Saturday, 4 May 2013.
Meanwhile, the BSE Sensex was up 85.96 points, or 0.44%, to 19,661.60.
On BSE, 2,859 shares were traded in the counter as against an average daily volume of 12,958 shares in the past one quarter.
The stock hit a high of Rs 245 and a low of Rs 242.35 so far during the day. The stock had hit a 52-week high of Rs 352.50 on 1 October 2012. The stock had hit a 52-week low of Rs 238.10 on 28 March 2013.
The stock had underperformed the market over the past one month till 3 May 2013, falling 2.18% compared with the Sensex's 4.12% rise. The scrip had, also underperformed the market in past one quarter, sliding 21.04% as against Sensex's 1.04% fall.
The mid-cap firm has an equity capital of Rs 25.65 crore. Face value per share is Rs 2.
Gujarat Gas Company said there was significant fall in indigenous gas supply during the quarter. The company addressed the shortfall in supplies with a higher proportion of re-gasified liquefied natural gas (RLNG). This pushed up the average cost of gas. Selling prices were revised to the extent feasible to partially mitigate the sharp increase in cost. The total volume of gas sold during the quarter was 264 million metric standard cubic meter (mmscm) compared to 304 mmscm in the corresponding quarter of the previous year. Volumes in the industrial segment have been undergoing a churn with increasing price of gas, the company said in a statement.
Gujarat Gas Company said it connected more than 10,800 new residential customers, converted about 6,000 vehicles to CNG and commissioned more than 44,000 scmd of new volumes in the industrial sector during the quarter.
The company added that on 3 October 2012, the company's majority shareholder -- BG Asia Pacific Holdings (BGAPH) -- signed a sale and purchase agreement with GSPC Distribution Networks (GDNL) for sale of its entire shareholding in the firm. BGAPH's share will be transferred to GDNL after the satisfaction of conditions in the agreement.
Gujarat Gas Company is engaged in the distribution of natural gas to industrial, commercial and domestic customers in Gujarat.
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