Shares of Gujarat Gas were trading 3% above on 3 November after the company announced its quarterly earnings for the July-September quarter.

The company reported a 26.7% year-on-year (YoY) decrease in its consolidated net profit at Rs 296.25 crore during the quarter against Rs 404.41 crore reported in the year-ago quarter. However, on a sequential basis, the company’s net profit has increased 37% from the previous quarter.

The city gas distribution company reported a 2% YoY drop in its revenue from operations at Rs 3,991.15 crore for the quarter from Rs 4,107.83 crore reported in the same quarter of the previous fiscal year.

The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) saw a 20.7% dip to Rs 524.87 crore for Q2FY24 from Rs 661.77 crore reported in Q2FY23.

Against the benchmark Nifty50 index, which has given a steady return of 5% over a period of six months, the shares of the company have lost 13.59% over the same duration.

At 11:11 am, the shares of Gujarat Gas were trading 3.02% above at Rs 420.65 on NSE.