GAIL (India) Limited on Tuesday posted profit for the second quarter of FY24 at Rs 2442.18 crore, up 35.3 per cent in comparison to Rs 1804.61 crore during the same period last year, surpassing estimates. It posted revenue from operations at Rs 33,049.68 crore, down 14.7 per cent as against Rs 38,728.86 crore during the second quarter of FY23. According to a CNBC TV18 poll, GAIL (India) Q2 profit was expected to be at Rs 1734 crore and revenue at Rs 33,887 crore during the second quarter of FY24.
The company recorded total income of Rs 33,255.02 crore during Q2FY24 as against Rs 38,969.88 crore during the same period last year. This registered a fall of 14.7 per cent on-year. Meanwhile, it incurred total expenditure of Rs 30,506.36 crore, down 18.9 per cent in comparison to Rs 37,601.69 crore during Q2FY23.
During the quarter, natural gas transmission volume stood at 120.31 MMSCMD in Q2FY24 as against 116.33 MMSCMD in Q1FY24. Gas marketing volume stood at 96.96 MMSCMD as against 98.84 MMSCMD in the previous quarter. LHC sales stood at 242 TMT as against 247 TMT and Polymer sales stood at 168 TMT as against 162 TMT in comparison to previous quarter.
Sandeep Kumar Gupta, Chairman & Managing Director, GAIL, said that during the quarter the company has performed well specially on the strength in Gas Transmission segment which will continue to perform better. He said that the performance during the quarter was constrained due to lower realisation in Polymers and LPG which are expected to be better going forward. He further stated that the company has incurred a capex of around Rs 4,853 crore during the current half year, mainly on Pipelines, Petrochemicals, Equity to JVs, etc.