Gail (India) declined 2.10% to Rs 88.65 after the company's consolidated net profit declined 55% to Rs 1,305 crore in Q2 FY23 from Rs 2,873 crore in Q2 FY22.
Net revenue from operations during the quarter rose by 78% YoY to Rs 38,680 crore.
In the Transmission Services segment, gross revenue from Natural Gas was Rs 1,694 crore (up 3% YoY) and that from LPG was Rs 197 crore (up 18% YoY).
Further, the gross revenues of the Natural Gas Marketing segment doubled to Rs 42,303 crore in Q2 FY23 from Rs 21,011 crore recorded in the same period last year.
Petrochemicals revenue was Rs 1,351 crore (down 41% YoY), LPG And Liquid Hydrocarbons revenue was Rs 1,394 crore (up 25% YoY) and City Gas revenue was Rs 2,900 crore (up 86% YoY) in Q2 FY23.
Total expenses doubled to Rs 37,602 crore in Q2 FY23 from Rs 18,811 crore in Q2 FY22, due to a sharp spike in purchase cost of traded goods (up 2.3x YoY) and higher other expense charges (up 17% YoY).
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Profit before tax in Q2 FY23 stood at Rs 1,675 crore, down by 55% to Rs 3,728 crore in Q2 FY22. Total tax expenses for the period under review was Rs 371 crore (down 57% YoY).
On a standalone basis, the company reported 47% fall in net profit to Rs 1,537 crore despite a 79% rise in net revenue from operations to Rs 38,479 crore in Q2 FY23 over Q2 FY22.
During the quarter, Natural gas transmission volume stood at 107.71 MMSCMD in Q2 FY23 as against 109.47 MMSCMD in Q1 FY23. Gas marketing volume stood at 92.54 MMSCMD as against 100.84 MMSCMD in previous quarter. LHC sales stood at 231 TMT as against 220 TMT & Polymer sales stood at 108 TMT as against 109 TMT in comparison to previous quarter.
Sandeep Kumar Gupta, chairman & managing director, GAIL said that the company has incurred a capex of around Rs 3,970 crore during the current half year mainly on pipelines, petrochemicals, equity to JVs, etc. which is 53% of annual target.
He further added that GAIL has been declared as successful resolution applicant by the committee of creditors (CoC) for acquiring JBF Petrochemical through Corporate Insolvency Resolution Process. With this the company will further expand its presence in southern part of country.
GAIL, India's principal natural gas transmission and distribution company, was set up by the GoI in August 1984 to create natural gas transportation and distribution infrastructure for development of the natural gas sector across the country. The company's activities range from natural gas transmission and distribution to processing and transmission of LPG, production and marketing of petrochemicals like high-density polyethylene (HDPE) and linear low-density polyethylene (LLDPE) and leasing bandwidth in telecommunications. GAIL has leveraged its position to extend its presence in power, LNG regasification, city gas distribution (CGD) and exploration and production (E&P) through various equity and joint venture participations.
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