Net sales (excluding excise duty) in Q2 FY24 was at Rs 3,845.40 crore, down 3.3% from Rs 3,976.46 crore reported in the same period a year ago.

Profit before tax dropped 26% year on year to Rs 400.71 crore in the quarter ended 30 September 2023.

During the quarter, the company registered a total gas sales volume of 9.32 million metric standard cubic metre per day (mmscmd), recording a growth of 22% as compared to 7.62 mmscmd in Q2 FY23.

The industrial sales volumes increased to 5.86 mmscmd, up 31% from 4.47 mmscmd posted in Q2 FY23.

The company said that it has achieved average CNG sales of 2.62 mmscmd for the quarter ended 30 September 2023, recording a growth of 13% YoY, on the back of investments in CNG station infrastructure coupled with favourable government policies.

PNG domestic and commercial sales volumes during the period under review aggregated to 0.70 mmscmd and 0.14 mmscmd, respectively.

During the quarter, the company added around 53,000 new domestic customers, 221 commercial customers and commissioned 61 new industrial customers (with a cumulative volume close to 83,000 scmd). As on 30 September 2023, the company has a signed volume of 5,42,000 scmd yet to be commissioned.

Gujarat Gas (GGL) is India's largest CGD company, with 27 CGD licenses spread across 43 districts in six states and one union territory. GGL is engaged in distribution of natural gas (piped and compressed) and currently supplies PNG to industrial, commercial and domestic customers along with CNG to the transportation sector.

Shares of Gujarat Gas rose 2.96% to Rs 420.25 on the BSE.