Shares of Gujarat State Petronet (GSPL) saw a significant uptick of over 4 percent in early trade on November 7, following the company’s outstanding performance in the second quarter of the fiscal year 2023-24. GSPL reported robust profit growth, with a staggering 36 percent increase on a quarter-on-quarter basis, reaching an impressive figure of Rs 590 crore.
By 2:25 pm, Gujarat State Petronet’s stock was trading 1.67 percent higher at ₹277.10 on the National Stock Exchange (NSE), reflecting investor confidence in the company’s financial strength and strategic direction.
Gujarat State Petronet, a leading gas transmission company, released its financial results for the quarter ending in September 2023. The company showcased remarkable resilience and dynamism, evident in its consolidated profit of Rs 590.4 crore. This substantial growth of 36 percent compared to the previous quarter underscores GSPL’s strong operational performance.
In addition to the impressive profit figures, Gujarat State Petronet experienced a notable upturn in its revenue from operations, which stood at Rs 4,265.2 crore for the quarter. This sequential increase of 3.8 percent further reinforces GSPL’s position as a key player in the gas transmission sector, emphasizing its continuous growth and profitability.