GAIL (India) Ltd on Monday posted fiscal first quarter profit at Rs 1,792.99 crore, down 44.8 per cent in comparison to Rs 3,250.95 crore during the corresponding quarter of FY23, on weak earnings in the petrochemicals business as well as in the marketing of natural gas. It posted revenue from operations at Rs 32,848.78 crore, down 13.4 per cent as against Rs 37,942.15 crore during the first quarter of FY23. The quarter earnings surpassed the CNBC TV18 estimates, according to which, GAIL was expected to post profit at Rs 1,655 crore and revenue at Rs 31,949 crore during Q1.
GAIL had posted a total income of Rs 33,000.79 crore during the first quarter of FY24, while the total expenses came at Rs 31,095.25 crore.
GAIL 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 per cent of annual target of Rs 7,750 crore, said Sandeep Kumar Gupta, Chairman & Managing Director, GAIL. He informed that GAIL has been authorized to build Gurdaspur- Jammu Natural Gas pipeline having length of 160 km with capex of Rs 522 crore.
“During the quarter, the company has acquired 100 per cent stake in erstwhile JBF Petrochemicals Limited, now GAIL Mangalore Petrochemicals Limited, by infusing Rs 2,101 crore through Corporate Insolvency Resolution Process (CIRP),” he added.
In terms of revenue generation across various business segments, GAIL stated that under transmission services, the natural gas segment posted a revenue at Rs 2,594.03 crore and LPG segment clocked a revenue of Rs 177.57 crore. The natural gas marketing segment posted the Q1 revenue at Rs 31,954.72 crore, petrochemicals revenue was at Rs 1,703.63 crore, LPG and liquid hydrocarbons revenue stood at Rs 1,319.02 crore, and city gas business vertical posted the quarter revenue at Rs 2,403.83 crore.
GAIL further stated that during the quarter, natural gas transmission volume registered a growth of 7 per cent to 116.33 MMSCMD in Q1FY24 as against 108.23 MMSCMD in Q4FY23. Gas marketing volume increased by 2 per cent to 98.84 MMSCMD as against 96.46 MMSCMD in the previous quarter. LHC sales increased by 7 per cent to 247 TMT as against 230 TMT and polymer sales also increased by 37 per cent to 162 TMT as against 118 TMT in comparison to previous quarter.
