India's Gujarat Gas loses most in 7 weeks on Q1 profit fall

Gujarat Energy

04/08/2022 08:25

Aug 4 (Reuters) -   ** Shares of Indian natural gas distribution co Gujarat
Gas  GGAS.NS  fall as much as 5.5% to 437.20 rupees, their biggest intraday pct
loss since June 16
    ** GGAS reported on Wednesday June-quarter net profit after tax fell 19.53%
to 3.82 bln rupees ($48.05 million) from a year-ago levels  urn:newsml:reuters.com:*:nFWN2ZF6SV
    **  Rev from ops rose 72.5% to 53.03 bln rupees
    ** Analysts said fall in volumes and propane prices hurt Q1 results 
    ** Volumes down at ~9 million standard cubic feet per day (mmscmd) currently
with some near-term reduction likely in August, Jefferies analysts said in a
note
    ** With spot LNG price rising and gas economics in industrials adverse to
propane in Q2, co has no room to increase prices - Jefferies
    ** GGAS said it has proactively tied up most of its spot LNG requirements
for FY23 at a reasonable price
   ** About 2.9 mln shares change hands, 2.3x 30-day avg of 1.3 mln
   ** GGAS shares down 30.6% YTD

   ($1 = 79.4925 Indian rupees)

 (Reporting by Navamya Ganesh Acharya)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))