The Board at its meeting today, approved the Audited Financial Results (Standalone & Consolidated) of the Company for the Quarter/Year ended 31st March, 2025
Awaiting price reaction for this filing.
Gujarat State Petronet Limited (GSPL) announced audited results for FY25, with the auditor (M/s B P Bang & Co.) issuing an unmodified opinion on both standalone and consolidated financials. Standalone revenue took a sharp hit because the PNGRB revised the levelized tariff of GSPL's HP gas grid from Rs. 34/MMBTU to Rs. 18.10/MMBTU effective May 1, 2024 — nearly a 47% cut — and GSPL has filed a writ in the Delhi High Court challenging this order. Standalone profit after tax fell to around Rs. 19,201 lakhs (FY25) from roughly Rs. 36,122 lakhs (FY24), reflecting the tariff impact on transmission revenues. The Board recommended a dividend of Rs. 5.00 per share (50%) for FY25. A major Composite Scheme of Amalgamation is in the pipeline, merging GSPC, GSPL and GEL into Gujarat Gas Limited (appointed date April 1, 2024), followed by demerger of the Gas Transmission Business into GSPL Transmission Limited, pending MCA and regulatory approvals.
The steep PNGRB-mandated tariff cut is the central negative for shareholders — it directly compressed GSPL's standalone revenue and profits. The ongoing legal challenge offers some hope of partial relief, but until the Delhi High Court rules, transmission earnings remain under pressure. The pending composite scheme of amalgamation could reshape the company significantly and is a key event to watch.