Robust Q4 numbers fuel Gujarat Gas

Robust Q4 numbers fuel Gujarat Gas

Gujarat Gas company rose 3.6% to Rs 327 at 10:34 IST on BSE after it reported 112.9% rise in net profit to Rs 38.81 crore in Q4 December 2007 over Q4 December 2006.

The company announced the results after trading hours on Wednesday, 20 February 2008.

Meanwhile, BSE Sensex was up 260.38 points or 1.48% to 17,877.98, on positive cues from the global markets. Asian stocks rose today as Wall Street steadied overnight, helped by strong quarterly earnings and the prospect of lower interest rates.

On BSE, 4,487 shares were traded in the counter. The scrip had an average daily volume of 21,409 shares in the past one quarter.

The stock hit a high of Rs 333.90 and low of Rs 323 so far during the day. The stock had a 52-week high of Rs 379 on 8 January 2008 and a 52-week low of Rs 244 on 14 March 2007.

The small-cap gas distribution firm had underperformed the market over the past one month till 20 February 2008, rising 2.55% compared to the Sensex’s return of 5.31%. It had however outperformed the market in the past one quarter, declining 4.87% compared to Sensex’s decline of 4.91%.

The company’s current equity is Rs 12.83 crore. Face value per share is Rs 2.

The current price of Rs 327 discounts its Q4 December 2007 annualized EPS of Rs 24.2, by a PE multiple of 13.51.

Gujarat Gas company posted 46.9% rise in sales to Rs 344.46 crore in Q4 December 2007 over Q4 December 2006.

The company’s net profit rose 79% to Rs 159.09 crore on 44.6% rise in sales to Rs 1,194.36 crore in the year ended December 2007 (FY 2007) over the year ended December 2006 (FY 2006).

Gujarat Gas Company (GGCL) started operations in 1988 with the primary objective to procure, distribute and in every way utilize natural gas and allied technology.