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MUMBAI :
Shares of Gujarat Gas declined as a lot as 3.84% on Wednesday after its consolidated internet revenue slumped 74.8% to ₹59.07 crore for the quarter ended 30 June towards ₹234.04 crore for a similar quarter final 12 months.
At 14:05 pm, Gujarat Gas was buying and selling at ₹307.45 apiece, down 0.71% from its earlier shut, whereas the benchmark Sensex was flat at 37,682.36 factors.
Net Sales fell 58.6% to ₹1,082.92 crore in Q1 June 2020 from ₹2614.61 crore in Q1 June 2019. Consolidated revenue earlier than tax (PBT) dropped 78.2% to ₹78.70 crore year-on-year within the interval underneath evaluation.
Gujarat Gas’ complete gasoline gross sales quantity in the course of the April-June quarter stood at 4.14 million metric customary cubic meters per day (MMSCMD). In the given quarter, the corporate commercialised 13 new CNG stations.
Analysts at Motilal Oswal in a outcome be aware stated “Petroleum and NaturalGas Regulatory Board is expected to introduce competition in areas where marketing exclusivity has already expired. This would impact all City Gas Distributions, due to the increasing focus on industrial pollution, expect it would be easier for the stock to coup up lost volumes. However, continued outperformance in volumes and margins could lead to upward revision in estimates, along with the re-rating of the stock”. The brokerage has a purchase ranking on the inventory.
The firm’s gasoline gross sales quantity has proven a sturdy restoration submit lockdown. The firm is presently flowing complete quantity near 9.5 MMSCMD as towards FY2019-2020 common gross sales of 9.44 MMSCMD. As of now, all of the places of work are functioning usually with highest customary of security precautions. The agency stated it presently has a snug liquidity place and continues to service its debt obligations.
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