Performance improves from Q4 of previous year due to increased gas marketing, transmission volumes, increased transmission tariff realisation
Geetanjali Minhas | August 1, 2023 | Mumbai
GAIL (India) Limited has reported revenue from operations of Rs. 32,227 crore in Q1 FY24 as against Rs. 37,572 crore in Q1 FY23. Profit before Tax (PBT) in Q1 FY24 stood at Rs. 1,889 crore as against Rs. 3,894 crore in Q1 FY23. Profit after Tax (PAT) in Q1 FY24 stood at Rs. 1,412 crore as against Rs. 2,915 crore in Q1 FY23.
On Q-on-Q basis, revenue from operations was reported at Rs. 32,227 crore in Q1 FY24 as against Rs. 32,858 crore in Q4 FY23. PBT registered a robust growth of 220% to Rs. 1,889 crore in Q1 FY24 as against Rs. 591 Cr during Q4 FY23. PAT increased by 134% to Rs. 1,412 crore in Q1 FY24 as against Rs. 604 crore in Q4 FY23 mainly on account of increased gas marketing and transmission volumes as well as increased transmission tariff realisation.
During the quarter, natural gas transmission volume registered growth of 7% to 116.33 MMSCMD (million metric standard cubic meters per day) as against 108.23 MMSCMD in Q4 FY23. Gas marketing volume also saw an increase of 2% to 98.84 MMSCMD as against 96.46 MMSCMD in previous quarter. LHC sales increased by 7% to 247 TMT as against 230 TMT. Polymer sales increased by 37% to 162 TMT as against 118 TMT in comparison to the previous quarter.
On a consolidated basis, revenue from operations stood at Rs. 32,849 crore in Q1 FY24 as against Rs. 33,264 crore during Q4 FY23. PBT in Q1 FY24 stood at Rs. 2,283 crore as against Rs. 689 crore in Q4 FY23. PAT (excluding non-controlling interest) stood at Rs. 1,792 crore in Q1 FY24 as against Rs. 634 crore in Q4 FY23.
Sandeep Kumar Gupta, Chairman & Managing Director, GAIL, said that the company 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% of annual target of Rs. 7,750 crore. He also said that during the quarter, the company has acquired 100% stake in erstwhile JBF Petrochemicals Limited, now GAIL Mangalore Petrochemicals Limited, by infusing Rs. 2,101 crore through corporate insolvency resolution process (CIRP).
Gupta stated that GAIL has been authorized to build the Gurdaspur-Jammu natural gas pipeline having length of 160 km at a capex of Rs. 522 crore.
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