GAIL Q2 Results: Net Profit Rises 70% At Rs 2405 Crore, Revenue Falls

The share price of GAIL India closed 0.76% higher at Rs 119.55 per share on Tuesday after the company reported net profit growth of 70% at Rs Rs 2405 Crore in its results for the quarter ended September 30, 2023.

Quarter-on-quarter basis, the company's Revenue from Operations reported stood at Rs 31,823 crores in Q2 FY24 as compared to Rs 32,227 crores in Q1 FY24. PBT registered a jump of 66% to Rs 3,130 crore in Q2 FY24 as against Rs 1,889 crores in the previous quarter and PAT followed the way with an increase of 70% to Rs 2,405 crore in Q2 FY24 as against Rs 1,412 crore in the previous quarter. GAIL's total revenue declined 17.32% to Rs 31,822.62 crore in Q2 against Rs 38490.89 crore in the corresponding period of the preceding fiscal.

In a press release, the State-run natural gas major said, "During the quarter, Natural gas transmission volume stood at 120.31 MMSCMD in Q2 FY24 as against 116.33 MMSCMD in Ql FY24. Gas marketing volume stood at 96.96 MMSCfvlD as against 98.84 MMSCMD in the previous quarter."

During this period, the company's Earnings per share (EPS) rose to Rs 3.66 in Q2 of this fiscal against Rs 2.34 in the September 2022 quarter.

GAIL's EBITDA zoomed almost 43% in the September quarter at Rs 3,492 crore, while EBITDA margins expanded 340 basis points (bps) to 11%.

Commenting on the results, Sandeep Kumar Gupta, Chaiman & Managing Director, GAIL said, "During the quarter the company has performed well specially on the strength in Gas Transmission segment which will continue to perform better. He said 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 JV s, etc."