Gujarat State Petronet (GSPL) rallied 6.97% to Rs 378.50 after the company reported 53.47% jump in standalone net profit to Rs 262.18 crore on 37.73% increase in net sales to Rs 554.24 crore in Q3 FY24 over Q3 FY23.
Revenue from gas transportation was Rs 533.31 crore (up 33.69% YoY) while that from electricity sales was Rs 4.14 crore (up 18.97% YoY) and revenue from gas sales was at Rs 16.80 crore during the quarter.Profit before tax during the quarter stood at Rs 350.64 crore, registering a growth of 50.59% on YoY basis.
The company's Q3 transmission volume was 29.02 mmscmd (million metric standard cubic metres per day), up 29.9% YoY.
Total expenses spiked 23.22% YoY to Rs 224.88 crore in Q3 FY24 over Q3 FY23. Gas transmission expense was Rs 98.74 crore (up 82.78% YoY) while employee benefits expenses was at Rs 20.59 crore (down 19.82% YoY).
On a consolidated basis, the company's net profit declined 7.69% to Rs 486.11 crore on 9.9% rise in net sales to Rs 4,544.24 crore in Q3 FY24 over Q3 FY23.
Gujarat State Petronet's primary business objective is to connect various supply sources and users of natural gas in Gujarat through its gas pipeline network. GSPL is the leader in natural gas transmission business in Gujarat and is the second-largest natural gas transmission player in India.
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