GAIL posts 70% increase in Q2 net profit at 2,405 crore

NEW DELHI: Government-owned natural gas giant GAIL (India) on Tuesday reported a 70 per cent jump in net profit to Rs 2,405 crore for the July-Sept quarter of the current financial compared to the RS 1,889 crore in the previous quarter.

The company’s revenue from operations were reported at Rs 31,823 crores in Q2 FY24 as compared to Rs 32,227 crores in Q1 FY24.

The natural gas transmission volume stood at 120.31 MMSCMD in Q2 FY24 as against 116.33 MMSCMD in Q1 FY24. Gas marketing volume stood at 96.96 MMSCMD as against 98.84 MMSCMD in 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.

The Consolidated Revenue from Operations on quarterly basis stood at Rs 33,049 crore in Q2 FY24 as against Rs 32,849 crore in Q1 FY24, PBT registered a growth of 37 per cent to Rs 3,138 crores in Q2 FY24 as against Rs 2,283 crores in previous quarter.

GAIL chairman Sandeep Kumar Gupta said, “During the quarter the company has performed well especially 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, and equity to JVs.