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Gujarat Gas declares dividend of ₹5.66 per share as Q4 numbers beat estimates
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
State-owned Gujarat Gas Ltd reported an 11% year-on-year increase in net profit at ₹409.5 crore for the fourth quarter ended March 31 due to a reduction in spot gas prices and an increase in volumes. Shares of Gujarat Gas Ltd ended at ₹547.65, up by ₹12, or 2.24%, on the BSE.
State-owned Gujarat Gas Ltd on Monday (May 6) reported an 11% year-on-year (YoY) increase in net profit at ₹409.5 crore for the fourth quarter that ended March 31, 2024, due to a reduction in spot gas prices and an increase in volumes.
In the corresponding quarter, Gujarat Gas Company posted a net profit of ₹369.22 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹326 crore for the quarter under review.
The company’s revenue from operations increased 1.48% to ₹4,134.2 crore against ₹4,073.82 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹4,076 crore for the quarter under review.
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The board has recommended a dividend i.e. ₹5.66 per equity share of ₹2 each to the shareholders for the financial year 2023-24, which will be paid subject to approval of shareholders in the Annual General Meeting.
During FY 2023-24, the company added close to 1,87,000 new domestic customers. During the quarter, the company added more than 50,800 new domestic customers, and 271 commercial customers, and commissioned 76 new industrial customers.
The board of directors in its meeting held on May 6, based on the recommendation of the Nomination and Remuneration Committee and Audit Committee considered and approved the appointment of Rajesh Sivadasan as CFO, key managerial personnel and head of investor relations department, effective from May 6, 2024.
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The results came after the close of the market hours. Shares of Gujarat Gas Ltd ended at ₹547.65, up by ₹12, or 2.24%, on the BSE.
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