New Delhi: GAIL (India) Limited reported a decline of 45 percent in consolidated net profit in Q1 of FY2023-24 year-on-year at Rs 1,792.99 crore. The gas major had recorded a net profit of Rs 3,251 crore in the same period last year. On quarter-on-quarter basis, net profit increased 179 percent from Rs 643 crore in the quarter ended March 2023. On standalone basis, net profit in Q1 of the current fiscal dropped by 51.56 percent year-on-year at Rs 1,412 crore. The standalone net profit for Q1 of FY 2022-23 was Rs 2,915.19 crore. But sequentially, GAIL’s net profit has improved by 134 percent in comparison to the March quarter of FY2022-23.
GAIL’s consolidated revenue from natural gas transmission services has seen a healthy growth of 57.26 percent on quarter-on-quarter basis and 56.41 percent on year-on-year basis. Revenue from LPG transmission has seen minor fluctuations between Rs 169.46 crore in the Q1 of the previous fiscal to Rs 174.76 crore in March quarter of the previous fiscal and Rs 177.57 crore in the June quarter of the current fiscal. Revenue from natural gas marketing has seen a drop of 24.28 percent in Q1 of FY24 in comparison to the corresponding quarter of the previous fiscal. On sequential basis as well, revenue from the natural gas marketing segment has dropped by 6.28 percent. GAIL’s revenue from the city gas segment has also declined by 14.83 percent in comparison to the June quarter of the previous fiscal and by 12.13 percent in comparison to the preceding quarter.
Revenue from petrochemicals in Q1 has increased by 17.02 percent year-on-year and by 25.31 percent on quarter-on-quarter basis. GAIL’s total consolidated revenue from operations stood at Rs 32,848.78 crore in Q1 of FY24, which was 13.42 percent lower in comparison to the Q1 of the previous fiscal and 1.24 percent lower in comparison to the preceding quarter.
Sandeep Kumar Gupta, Chairman & Managing Director, GAIL said that the company has incurred a Capex of about Rs 2,391 crore during the current quarter, mainly on Pipelines, Petrochemicals, Equity to JVs, etc. which is about 31 percent of the annual target of Rs 7,750 crore. He informed that GAIL has been authorised to build Gurdaspur- Jammu Natural Gas pipeline having length of 160 km with a Capex of Rs 522 crore.
He further stated that during the quarter, the company has acquired 100 percent stake in erstwhile JBF Petrochemicals Limited, now GAIL Mangalore Petrochemicals Limited, by infusing Rs 2,101 crores through Corporate Insolvency Resolution Process (CIRP).