GAIL (India) Limited posted a profit fall of 81.5 per cent at Rs 642.74 crore in the fiscal fourth quarter as against Rs 3473.77 crore in the same quarter last year, missing estimates, hit by higher expenses. It posted revenue from operations at Rs 33,264.06 crore, up 21.7 per cent in comparison to Rs 27,327.71 crore in the fourth quarter of FY22. According to a CNBC TV18 poll, GAIL was expected to clock profit at Rs 1,043 crore and revenue at Rs 35,272 crore in Q4FY23. The public sector company posted total expenses for the quarter at Rs 33,446.09 crore as against Rs 23,739.81 crore in the corresponding quarter last year. Meanwhile, total income was at Rs 33,810.67 crore in Q4FY23 as against Rs 27,690.40 crore in the fourth quarter of previous year.
GAIL’s segment wise performance
GAIL’s revenue from natural gas segment was at Rs 1,619.49 crore, up 3.75 per cent on-year and it clocked revenue at Rs 174.76 crore from LPG services. Its petrochemicals business recorded a revenue of Rs 1,359.47 crore, while LPG and liquid hydrocarbons business posted revenue of Rs 1,365.75 crore, and city gas segment posted revenue at Rs 2,735.85 crore in the fourth quarter of FY23.
The company had posted a 90 per cent on-year decline in profit for the December quarter (Q3FY23) to Rs 397.59 crore, owing to losses in the petrochemical and gas marketing business.
Earlier in March this year, GAIL announced that it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants.