Total expenses slipped 24% YoY to Rs 3,658.19 crore during the first quarter. Cost of materials consumed was Rs 3,093.14 crore (down 28.09% YoY) and finance costs stood at Rs 7.38 crore (down 45.62% YoY).

During the quarter, the company registered a total gas sales volume of 9.22 million metric standard cubic metre per day (mmscmd), a growth of 4.06% sequentially.

The industrial sales volumes increased to 5.88 mmscmd from 5.36 mmscmd in preceding quarter, an increase of 10%. This was due to softer spot LNG prices, benefit of which was passed to industrial customers to make natural gas more competitive to alternate fuels.

The company said that it has achieved highest ever average CNG sales of 2.61 mmscmd for the quarter ended on 30 June 2023, on the back of investments in CNG station infrastructure coupled with favourable government policies of reduction in APM gas prices and lower VAT rates.

PNG domestic and commercial sales volumes during the period under review aggregated to 0.60 mmscmd and 0.13 mmscmd, respectively.

During the quarter, the company added more than 46,000 new domestic customers, 225 commercial customers and commissioned 36 new industrial customers (with a cumulative volume close to 1,09,000 scmd). As on 30 June 2023, the company has a signed volume of approximately 4,27,000 scmd yet to be commissioned.

Meanwhile, the board approved equity investment of Rs 100 crore in equity shares of GSPC LNG. The investment is aimed to have better synergy and integration in the Gas Value chain. GGL's shareholding in GSPC LNG would be 7.87 % post acquisition of equity shares.

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.