Gujarat State Petronet Limited (GSPL) reported a 16.4% increase in Profit after Tax (PAT) for Q4 of FY2023-24, totaling Rs. 261.12 crore, primarily due to reduced gas transmission costs, compared to Rs. 224.33 crore in the same quarter the previous year. The company’s gas transmission expenses decreased from Rs. 68.96 crore in the March quarter of FY2022-23 to Rs. 52.06 crore in the same quarter this year. On a sequential basis, GSPL’s net profit slightly declined by 0.40%.

Over the full fiscal year 2023-24, GSPL’s net profit surged by nearly 36%, climbing from Rs. 944.95 crore in FY2022-23 to Rs. 1,284.64 crore in FY2023-24.

In Q4 of FY2023-24, GSPL’s total revenue increased by 9.33% year-on-year to Rs. 536.43 crore from Rs. 490.64 crore in the same quarter of the previous fiscal year. Revenue from gas transportation rose to Rs. 501.11 crore in the March quarter of FY24, up from Rs. 421.52 crore in the corresponding quarter of FY23. Meanwhile, revenue from electricity sales slightly increased to Rs. 5.70 crore from Rs. 5.46 crore, and revenue from gas sales was Rs. 16.03 crore in Q4 of FY23 but dropped to zero in Q4 of FY24.

For the whole of FY2023-24, GSPL’s total income saw a rise of 22.60%, reaching Rs. 2,366.59 crore from Rs. 1,930.21 crore in FY2022-23.

In terms of gas transmission volume, there was a nearly 15% increase from 29.02 MMSCMD in Q3 to 33.37 MMSCMD in Q4 of FY24. However, sectoral gas volumes showed a decline in the City Gas Distribution (CGD) network, decreasing from 39.68% in Q4 of FY23 to 34.25% in Q4 of FY24. Conversely, the share of the power sector in gas volumes grew from 4.98% in Q4 of FY23 to 8.81% in Q4 of FY24.

At its recent Wednesday meeting, GSPL’s Board of Directors proposed a dividend of Rs. 5 per share of Rs. 10 each for the financial year 2023-24.