Stocks of Gujarat State Petronet fell 3.68 percent at ₹82.50 per share at 11 am during trading hours on Friday. The figures plunged after the company posted low quarterly revenue results due to lower operational income.
The state-run gas company has reported a standalone net profit of ₹85 crore for the first quarter ended June 2014, which is 32 percent lesser than last year's Q1 figures, which were recorded at ₹126 crore.
However, the revenue from sale of electricity surged seven percent to ₹14 crore versus ₹13 crore in the corresponding previous quarter.
According to the announcement, the company recorded a net profit of ₹849.977 million for the quarter ended 30 June, 2014 as compared to ₹1,262.709 million for the quarter ended 30 June, 2013. The total income has decreased from ₹3,099.121 million for the quarter ended 30 June, 2013 to ₹2439.270 million for the quarter ended 30 June this year.
|Particulars||Quarter Ended (In Crore)|
|June 2014||June 2013||% Change|
|Other's people money %||86.96||91.12||-|
|Profit before depreciation and Tax||181.36||244.95||-26|
|Profit before Tax||134.42||199.18||-33|
On Thursday, Gujarat State Petronet held a meeting and approved the allotment of 17, 975 shares under (employees' stock option scheme-ESOP-2005) and 7,786 Equity shares under ESOP of 2010, according to BSE.
The Company is engaged in transportation of natural gas through pipeline on open access basis from supply points to demand centres. It also sells electricity generated through windmills.
The Company transports gas to more than 31 customers including Refineries, Steel Plants, Fertilizer Plants, Petrochemical Plants, Power Plants, Glass industries, Textiles, Chemical and others.