A natural gas distribution company Gujarat Gas share price rallied over 7 percent on Friday morning. The share price rose after the company reported strong earnings for the second quarter for the financial year, 2021.
The BSE registered an intraday high of Rs 322.75 and the shares surged by 7.13 percent at 12:05 hours. The company shares were trading at a share price of Rs 310.90 with an increase of Rs 9.65, the shares are up by
Earlier, the gas distribution company reported a sharp hike in standalone net profit taking it to Rs 475 crores for the second quarter which ended in September 2020. The profit is multiple times higher quarter on quarter basis. The company reported a net profit of Rs 59 crores in Q1 and in Q2 net profit is reported more than 6 times higher.
The company reported a rise of Rs 1,453 crores in the standalone revenue that was Rs 2,560 for the quarter ended in September 2020. The company had reported a revenue of Rs 1,107 crores in the first quarter of FY21 due to COVID-19 restrictions.
The company informed that its industrial gas sales volumes have reached above pre-lockdown level. “In CNG category and Commercial category gas sales volumes stand at 90% and 70% of pre-lockdown levels respectively,” Gujarat Gas said in a regulatory filing on Thursday after the board meeting announced the results
