 "GAIL")
State-run gas supplier GAIL on Thursday reported a massive 289 per cent rise in consolidated net profit at Rs 2,468.71 crore in the fourth quarter (January-March) of financial year 2023-24 (FY24) against Rs 634.2 crore in the year-ago period. Sequentially however, Gail's net profit fell 22.7 per cent, down from Rs 3,194.6 crore.
The latest rise in net profits came on a low base as Gail had suffered from disruptions to supply from Russian energy giant Gazprom and higher global gas prices. Case in point, the growth was accompanied by a marginal 1.2 per cent fall in consolidated revenue from operations to Rs 32,833.2 crore in Q4 FY24, down from Rs 33,264 crore in Q4 FY23.
Gail said the growth was also due to higher gas trading margin, increase in transmission volume, and transmission tariff.
For FY24, the cumulative net profit rose to Rs 9,899.2 crore, up 76 per cent from Rs 5,616 crore registered in the corresponding period of the previous year.
Gail also purchased Rs 24,115.1 crore worth of stock in trade in Q4, lower than the Rs 26,326.58 crore worth of purchase made in Q4 FY24.
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"The robust performance during FY 2024 is primarily driven by better physical performance across all major segments, despite lower prices in Petrochemicals and Liquid Hydro-Carbons. He also stated that the company has incurred a Capex of Rs 11,426 crore during FY24," Sandeep Kumar Gupta, Chairman and Managing Director, GAIL said.
Gail said it transported 123.65 million standard cubic meters of gas per day (MMSCMD) of natural gas in Q4, up from 121.54 million in the preceding quarter. Gas marketing volumes also rose marginally to 98.45 MMSCMD, up from 98.14 MMSCMD, the company said.
He added that Gail’s Board has approved the laying of C2/C3 liquid pipeline from Vijaipur to Auraiya at an estimated cost of Rs 1,792 crore with a commissioning period of 32 months. The project will augment feedstock availability with additional polymer production at Pata petrochemical complex, reduce energy consumption, and carbon footprint.
