State-owned GAIL India on Thursday reported a multifold rise in its consolidated net profit for the last quarter of FY24 at Rs 2,474.31 crore, compared to Rs 642.74 crore recorded in the same period of FY23 as the company benefited from lower cost of gas.
On a sequential basis, however, the net profit fell by 23% from Rs 3,193.34 crore, as revenue from operations declined by 6% from the previous quarter to Rs 32,833.24 crore. The revenue from operations also registered a fall of 2% from the last quarter of FY23.
The company’s total income stood at Rs 33,069.76 crore, down 2% from Q4FY23. GAIL’s annual consolidated net profit for FY24 surged by 77% to Rs 9,902.81 crore, up from Rs 5,595.89 crore in FY23.
“The robust performance during FY24 is primarily driven by better physical performance across all major segments, despite lower prices in petrochemicals and liquid hydrocarbons,” said Sandeep Kumar Gupta, chairman and managing director of GAIL.
During the quarter under review, the natural gas transmission volume of the country’s largest natural gas company stood at 123.65 MMSCMD (million standard cubic meters of gas per day), up from 121.54 MMSCMD in Q3FY24. Gas marketing volume stood at 99.90 MMSCMD as against 98.14 MMSCMD in the previous quarter.
For FY24, the natural gas transmission volume increased by 12% to 120.46 MMSCMD from 107.28 MMSCMD in FY23. Gas marketing volume, for the full year, also rose to 98.45 MMSCMD in FY24, up from 94.91 MMSCMD in FY23.
The chairman noted that the company incurred a capital expenditure of Rs 11,426 crore during FY24. The company’s board has approved the laying of a C2/C3 liquid pipeline from Vijaipur to Auraiya, with an estimated project cost of Rs 1,792 crore and a commissioning period of 32 months.
“The project will augment feedstock availability with additional polymer production at Pata Petrochemical Complex, reducing energy consumption and carbon footprint,” Gupta said.