GAIL Reports 75% Surge in Profit Before Tax for FY 2023-24

29 Aug 2024 CW Team

GAIL (India) Limited reported a 75% increase in its Profit Before Tax (PBT) for FY 2023-24, reaching ₹115.55 billion, up from ₹65.84 billion last year. Chairman and Managing Director Sandeep Kumar Gupta shared this update at the company's 40th Annual General Meeting (AGM).

Profit After Tax (PAT) also rose significantly by 67%, reaching ₹88.36 billion, despite a decrease in revenue from operations, which fell to ₹

1306.38 billion from ₹1443.02 billion in the previous year.

The company is making notable progress in infrastructure, extending its pipeline network by about 3,400 km to complete the National Gas Grid, with the total infrastructure now at 16,271 km.

GAIL is securing future gas supplies through long-term LNG agreements, including deals with Vitol Asia Pte Ltd, ADNOC Gas, and Qatar Energy LNG. It has also installed India's first MW-scale Green Hydrogen electrolyser in Vijaipur, Madhya Pradesh, aiming for a Net Zero target by 2035.

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