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Informist, Tuesday, Jul 30, 2024

 

--GAIL Apr-Jun revenue 336.92 bln rupees vs 322.27 bln 

--GAIL Apr-Jun net profit 27.24 bln rupees vs 14.12 bln 

--Analysts saw GAIL Apr-Jun net profit 21.41 bln rupees 

--GAIL Apr-Jun net profit 27.24 bln rupees 

 

By Sayantan Sarkar

 

NEW DELHI – GAIL (India) Ltd's net profit zoomed nearly 93% on year during the June quarter, mainly on account of higher natural gas transmission volumes, increased domestic marketing volume and margins. Net profit for the quarter was 27.24 bln rupees compared with 14.12 bln rupees in the year-ago period.

 

The country's largest gas distribution company's bottomline comfortably beat the Street's view of 21.41 bln rupees. In Jan-Mar, it had reported a bottomline of 21.77 bln rupees.

 

Revenue from transmission of natural gas rose to 28.65 bln rupees from 25.29 bln rupees in the same quarter last year. Revenue from marketing of natural gas rose to 294.37 bln rupees against 283.17 bln rupees in the year-ago period. 

 

The company's total revenue for the June quarter rose nearly 5% year-on-year to 336.92 bln rupees, and sequentially, it increased 4%. Analysts had estimated the company's revenue at 334.11 bln rupees.

 

Total expenditure, including finance costs, in Apr-Jun was 304.22 bln rupees compared with 306.06 bln rupees a year ago. Finance cost rose to 2.09 bln rupees from 1.76 bln rupees a year ago. The tax outgo for the June quarter was 9.18 bln rupees against 4.77 bln rupees a year ago.

 

The cost of raw materials fell sharply by nearly 26% on-year to 14.30 bln rupees in Apr-Jun. This aided its bottomline even further.

 

The state-owned company markets natural gas to fertiliser and power sectors. It is also in the business of transmission of natural gas and liquefied petroleum gas and petrochemicals.

 

The company has incurred a capital expenditure of 16.59 bln rupees during the current quarter, mainly on pipelines, petrochemicals, equity investment into joint ventures, which is about 21% of the annual target of 80.44 bln rupees, Chairman and Managing Director Sandeep Kumar Gupta was quoted as saying in a media release.

 

He said that GAIL has advanced its net-zero carbon target for scope-1 and scope-2 emissions to 2035 from 2040 previously.

 

Today, shares of GAIL closed nearly 1% higher at 233.75 rupees on the National Stock Exchange.  End

 

Edited by Ashish Shirke

 

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