Ahmedabad based Gujarat Gas Company reported consolidated net profit of INR 462 million as against INR 325 million in the fourth quarter of the financial year, a rise of 42.15%.

The consolidated net sales for the quarter was at INR 3,779 million compared to INR 3,204 million in the corresponding quarter of the previous year. Its total volume of the gas sold during the quarter was 274 mmscm compared to 250 mmscm in the corresponding period last year.

The weakening rupee has impacted the gas cost of the company in the fourth quarter of the previous year, which has been addressed through price corrections in the current year.

Shaleen Sharma MD of Gujarat Gas said that “The company has succeeded in growing its volumes in the second half of 2009 with the help of short term RLNG as well as KG D6 gas which the company has applied for, as the two significant sources of gas which would enable long term growth of the company. The company has invested INR 1,553 million in network extension and infrastructure upgradation during 2009 and will await clearance from regulatory authorities before venturing in new areas under its plan.”

(Sourced from IRIS)