Gujarat Gas drops 2% after fall in Q4 profits

Gujarat Gas Company shares slipped nearly two percent Friday after the company reported poor set of quarterly earnings.

Sequentially, consolidated profits of the natural gas distributor were down by 15 percent to Rs 59 crore (against estimates of Rs 66 crore) in fourth quarter of FY13, impacted by sharp increase in LNG prices and decline in domestic gas supply.

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However, consolidated net sales increased marginally quarter-on-quarter to Rs 762.8 crore from Rs 756.5 crore during the quarter.

At 10:01 hours IST, the stock declined 1.72 percent to Rs 242.90 on Bombay Stock Exchange.