Cost of natural gas as a percentage of net sales (net of stock adjustment) rose 260 bps to 60.2% while employee benefit expenses was flat at 2.3% and other expenses decreased 120 bps to 16.5%.

Other income of the company rose to Rs 40.3 crore compared to Rs 32.55 crore in Q3FY'18. Interest cost was Rs 0.91 crore compared to Rs 0.36 crore in the corresponding previous year period. Depreciation rose 13% to Rs 51.28 crore. PBT as a result rose 22% to Rs 305.97 crore. The effective tax rate rose 170 bps to 35.3% post, which the company's net profit was up 19% at Rs 197.99 crore.

During Q3FY19, CNG sales volume has increased by 13% and PNG sales volumes increased by 10% over 03 of FY18. On an overall basis there is 12% increase in sales volume during this quarter over corresponding quarter of FY18.

Performance for nine months ended December 2018

For nine months ended December 2018, Net sales of the company excluding excise duty rose 27% to Rs 4217.34 crore compared to corresponding previous year quarter.

Operating margins of the company fell 290 bps to 21.8%. Cost of natural gas as a percentage of net sales (net of stock adjustment) rose 440 bps to 59.1% while employee benefit expenses fell 10 bps to 2.3% and other expenses decreased 140 bps to 16.8%. As a result operating profit of the company rose 12% to Rs 920.92 crore.

Other income of the company rose 32% to Rs 99.7 crore compared to Rs 75.4 crore in 9MFY'18. Interest cost was Rs 2.03 crore compared to Rs 1.08 crore in the corresponding previous year period. Depreciation rose 11% to Rs 148.83 crore. PBT as a result rose 14% to Rs 869.76 crore. The effective tax rate rose 60 bps to 35.5% post, which the company's net profit was up 13% at Rs 561.17 crore.

The scrip is currently trading at Rs 302 on the BSE.