Gujarat Gas (GUJGASLTD) Q3 24/25 earnings summary

Executive summary

• Announced progress on the composite scheme of arrangement to simplify group structure, with no objections from BSE/NSE and imminent filing with MCA; completion targeted by September 2025.

• Largest city gas distributor in India, operating in 27 areas across six states and one union territory, with a network serving over 22 lakh households, 4,430 industrial, and 15,590 commercial customers.

• Achieved highest ever CNG volumes of 3.12 MMSCMD in Q3 FY25, up 12% year-over-year, driven by infrastructure investments and expansion of the FDODO model.

• Maintained AAA Stable/A1+ credit ratings from CARE, India Ratings, and CRISIL.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 31st December 2024, reviewed by the Audit Committee and auditors.

Financial highlights

• Q3 FY25 revenue from operations was INR 4,333 crores, up from INR 4,084 crores year-over-year; net profit after tax was INR 222 crores, compared to INR 220 crores in Q3 FY24.

• EBITDA for Q3 FY25 stood at INR 439 crores, up from INR 424 crores year-over-year; profit before tax at INR 300 crores.

• For 9M FY25, revenue from operations was INR 12,896 crores, EBITDA INR 1,566 crores, profit before tax INR 1,159 crores, and profit after tax INR 858 crores.

• Basic and diluted EPS for the quarter: INR 3.22 (standalone), INR 3.21 (consolidated).

• Infrastructure investment of INR 213 crores in Q3, totaling INR 549 crores for the nine months.

Outlook and guidance

• EBITDA margin guidance revised to INR 4.5–5.5 per SCM due to APM gas reduction.

• CapEx planned at around INR 1,000 crores for FY26, with FY25 expected at INR 800–850 crores.

• Aggressive expansion of CNG infrastructure and adoption of the FDODO model expected to accelerate future growth.

• CNG and domestic segments expected to sustain or exceed current growth rates (CNG ~12%, domestic 5–6%).

• Composite Scheme of Amalgamation and Arrangement approved, with appointed dates of 1st April 2024 and 1st April 2025, subject to regulatory approvals.