New Delhi: State-owned GAIL (India) Limited's released its standalone financial results on Thursday, which indicated that the company's net profit declined from Rs 10,363.97 crores in FY22 to Rs 5,301.51 crores in FY23, registering a decline of 48.84 percent on y-o-y basis. However, on q-o-q basis, the company's net profit increased from Rs 245.73 crores in Q3FY23 to Rs 603.52 crores in Q4FY23.
The company's revenue from operations increased from Rs 91,645.72 crores in FY22 to Rs 1,44,301.61 crores in FY23, registering an increase of 57.45 percent on a y-o-y basis. On a q-o-q basis, the revenue from operations decreased from Rs 35,380.38 crores in Q3FY23 to Rs 32,858.20 crores in Q4FY23, registering a decline of 7.1 percent.
Total expenses of the company increased on a y-o-y basis from Rs 80,102.29 crores in FY22 to Rs 1,40,402.50 crores in FY23, registering an increase of 75.2 percent. However, on a quarterly basis, the company's expenses declined from Rs 35,846.61 crores in Q3FY23 to Rs 33,284.52 crores in Q4FY23.
The net worth of the company increased from Rs 49,920.36 crore in FY22 to Rs 50,859.54 crores in FY23. Its Earnings per Share (EPS) decreased from Rs 15.56 in FY22 to Rs 8.04 in FY23. The net profit margin of the company drastically decreased from 11.34 percent in FY22 to 3.68 percent in FY23.
The audit report also highlighted several key points including, disrupted LNG supplies by one of the company's long-term LNG supplier, and charging depreciation on natural gas or LNG transmission pipelines. The report also stated that the customs authority, Dapoli has charged a penalty along with interest of Rs 934.01 crores against GAIL on account of Special Additional Duty (SAD) and Custom Duty on differential quantity, while finalising provisionally assessed Bill of Entries in respect of import of LNG by Company during September 2017 to March 2022 at Dabhol Port, Ratnagiri.
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