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Gujarat Gas share hits all-time high after net profit nearly doubles in Q3

BusinessToday.In     February 8, 2021

Gujarat Gas share hit all-time high in trade today after the company's net profit nearly doubled in Q3. Share of Gujarat Gas touched an intraday high of Rs 449, rising 18.24% against previous close of Rs 379.75 on BSE. Gujarat Gas share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock opened with a gain of 8.49% at Rs 412 today In a week, the share has gained 21.14%.  The stock has gained 15.49% since the beginning of this year and risen 43.03% in one year. Market cap of the firm rose to Rs 29,876 crore.

Share Market Highlights: Sensex jumps 617 points to end at record high, Nifty at 15,115; auto stocks lead

The company's consolidated net profit nearly doubled to Rs 392 crore in Q3 on the back of healthy revenue growth. It had posted a profit of Rs 197 crore in the year-ago quarter. Revenues rose 12.9 per cent year-on-year (YoY) to Rs 2,829 crore as sales volume jumped 22.9 per cent YoY. Gross margins improved Rs 1.2/scm YoY to Rs 7.8/scm. Ebitda (earnings before interest, taxes, depreciation, and amortisation) was at Rs 614.8 crore, up 65.9 per cent YoY.

Gujarat Gas Limited is India's largest city gas distribution player with its presence spread across 23 Districts in Gujarat, Union Territory of Dadra & Nagar Haveli and Thane Geographical Area (GA) (excluding already authorised areas) which includes Palghar District of Maharashtra.

Meanwhile, gaining for the sixth straight session, Sensex ended 617 points higher at 51,348 by the closing bell. Similarly, Nifty gained 191 points to end at 14,924.Both benchmarks hit fresh lifetime highs of 51,523 and 15,159 earlier today.

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