Gujarat Gas' consolidated net profit surged 114.80% to Rs 250.46 crore on 39.8% jump in net sales to Rs 2,666.63 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax soared 113.5% to Rs 322.12 crore in Q4 March 2020 as against Rs 150.88 crore in Q4 March 2019. Current tax expenses jumped 399.9% to Rs 75.29 crore in Q4 March 2020 as against Rs 15.06 crore in Q4 March 2019. The Q4 result was released at the fag end of market hours yesterday, 5 June 2020.
Gas sales volume jumped 55% Y-o-Y (year-on-year) in Q4 FY20 over Q4 FY19 and registered a 45% growth in FY20 on comparison to FY19. Total sales volume (industrial, CNG, domestic and commercial) for Q4 FY20 stood at 905 million metric standard cubic meter and 3,454 mmscm for FY20.
The company said it continued its uninterrupted supply of natural gas to its customers based on their requirement during the lockdown period. All the office of the company have now resumed normal operations strictly following the guidelines issued by the government. As restrictions are being gradually lifted in many of company's operating areas, the gas sales volume has started showing up an increasing trend both in Industrial and CNG segments. The company is currently flowing gas volumes close to 5.5 million metric standard cubic meter per day.
Shares of Gujarat Gas advanced 2.94% to close at Rs 285.60 on BSE on Friday, 5 June 2020. On the technical front, the stock's RSI (relative strength index) stood at 69.949 as per Friday's closing numbers. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 243.64 and its 200-day moving average (DMA) placed at 229.45.
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