Shares of Gujarat Gas declined over 7% in the morning trade on Wednesday following the company’s weaker than expected Q3 earnings. The company’s net profit for the October-December quarter of FY24 slipped 26% on a sequential basis to Rs 220.3 crore against Rs 298 crore in the previous quarter of the same financial year.
The company’s EBITDA/scm came in at Rs4.8/scm, which was down 18% on a QoQ basis and down 45% on a YoY basis. The company’s revenues, however, rose 2.2% QoQ to Rs 3,929.1 crore. Margins for the company declined to 10.2% in Q3FY24 from 12.9% in Q2FY24.
Gujarat Gas share price today made a low of Rs 512 on the NSE against its previous close of Rs 561.70. In the last three months, the stock however has gained more than 22%.
At 9:23 AM, shares of Gujarat Gas were down 5.9% at Rs 528.35 on the NSE. The Nifty at the same time was down 164.55 points at 21,582, while the Sensex was down 595 points at 70,955.
