GAIL reports 46% y-o-y drop in net profit in Q2 FY23 as supply from Gazprom dries up

New Delhi: GAIL (India) Limited has reported a 46 percent year-on-year (y-o-y) drop in standalone Profit after Tax (PAT) at Rs 1,537 crore for the quarter ended September 2022, due to supply disruptions from a former unit of Russian energy giant Gazprom. The gas utility had posted PAT of Rs 2,862.95 crore in the corresponding quarter of the last fiscal. On quarter-on-quarter basis as well, PAT has dropped by 47 percent as GAIL had recorded a net profit of Rs 2,915 crore in the previous quarter.

Revenue from operations reported is Rs 38,491 crore in Q2 of FY23 as compared to Rs 37,572 crore in Q1 of the current fiscal. PBT stood at Rs 1,876 crore in Q2 FY23 as against Rs 3,894 crore in the previous quarter.

GAIL records 1.34% drop in PAT y-o-y in H1 FY23

For H1 (April-September period) of FY2022-23, the PSU has recorded a 1.34 percent rise y-o-y in Profit after Tax (PAT) at Rs 4,452 crore, up from Rs 4,393 crore recorded in the corresponding quarter of the previous year. Profit before Tax (PBT) for H1 FY23 stood at Rs 5,770 crore as compared to Rs 5,736 crore for the corresponding period in the previous year.

GAIL reported revenue from operations of Rs 76,063 crore for the period April–September 2022 as compared to Rs 38,902 crore in the corresponding period of Financial Year 2021-22. Profit after Tax (PAT) stood at Rs 4,452 crore as compared to Rs 4,393 crore in the corresponding period of the previous year, said the statement.

Natural gas transmission volume stands at 107.71 MMSCMD

"During the quarter, natural gas transmission volume stood at 107.71 MMSCMD in Q2 FY23 as compared to 109.47 MMSCMD in Q1 FY23. Gas marketing volume stood at 92.54 MMSCMD as compared to 100.84 MMSCMD in the previous quarter. LHC sales stood at 231 TMT as against 220 TMT & Polymer sales stood at 108 TMT as against 109 TMT in comparison to previous quarter," GAIL reported.

Vigilance Commissioner launches GAIL's e-Vigilance portal

"On a consolidated basis, revenue from operations increased by 2 percent to Rs 38,729 crore in Q2 FY23 as compared to Rs 37,942 crore in Q1 FY23. PBT in Q2 FY23 stood at Rs 1,675 crore as against Rs 4,230 crore in Q1 FY23. PAT was Rs 1,315 crore in Q2 FY23 as against Rs 3,253 crore in Q1 FY23," GAIL said in the statement.

Sandeep Kumar Gupta, Chairman & Managing Director, GAIL, said, "The company has incurred a capex of around Rs 3,970 crore during the current half year mainly on Pipelines, Petrochemicals, Equity to JVs, etc, which is 53 percent of the annual target. GAIL has been declared a successful resolution applicant by the Committee of Creditors for acquiring JBF Petrochemical Limited through the Corporate Insolvency Resolution Process. With this, the company will further expand its presence in the southern part of the country."

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