GAIL’s Q1 net profit falls 45% to Rs 17.92 billion

02 Aug 2023 CW Team

GAIL, the state-run gas supplier, announced that its consolidated net profit for the first quarter of 2023-24 (FY24) had decreased by 45%, amounting to Rs 17.92 billion, in comparison to Rs 32.50 billion in the same period of the previous year.

The net profit saw a sequential rise of 179%, reaching Rs 6.04 billion. This increase was primarily attributed to higher gas marketing and transmission volumes, as well as an improved transmission tariff realization.

During Q1FY24, the company's consolidated revenue from operations experienced a decline of 13%, dropping to Rs 328.48 billion from Rs 379.42 billion in the year-ago period.

The company stated, "In the June quarter, the operating profit, calculated as earnings before interest, taxes, depreciation, and amortization (Ebitda), increased to Rs 24.32 billion. The Ebitda margin also expanded by 660 basis points year-on-year, reaching 7.5%."

In the latest quarter, the volume of natural gas transmission grew by 7 per cent to 116.33 MMSCMD in Q1, as compared to 108.23 MMSCMD in Q4 FY23.

However, the marketing of natural gas, which constitutes 96 per cent of the company's overall revenue, decreased by 18% to Rs 283.81 billion. Gas marketing volume increased slightly by 2%, reaching 98.84 MMSCMD against 96.46 MMSCMD in the previous quarter. On the other hand, liquid hydrocarbon sales witnessed a growth of 7 per cent, amounting to 247,000 tonnes, as compared to 230,000 tonnes in the previous quarter. Polymer sales also surged by 37 per cent, reaching 162,000 tonnes, as compared to 118,000 tonnes in the previous quarter.

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