GAIL net profit jumps 67 per cent in 2023-24

New Delhi, May 16 – Public sector natural gas giant GAIL on Thursday reported a 67 per cent increase in net profit at Rs 8,836 crore for the financial year 2023-24 compared to the corresponding figure of Rs 5,302 crore in 2022-23.

According to a company statement, GAIL’s annual revenue from operations rose to Rs 1,30,638 crore in FY24 against Rs 1,44,302 crore in FY23.

For the January-March quarter of 2023-24, the company’s net profit declined to Rs 2,177 crore against Rs 2,843 crore in Q3 FY24.

Revenue from Operations was reported at Rs 32,335 crore in Q4 FY24 against Rs 34,254 crore in Q3 FY24.

During the year, Natural Gas transmission volume registered an increase of 12 per cent to 120.46 MMSCMD against 107.28 MMSCMD in FY23.

Gas marketing volume stood at 98.45 MMSCMD in FY24 against 94.91 MMSCMD in FY23.

LHC sales registered an increase of 7 per cent to 998 TMT against 929 TMT & Polymer sales jumped up by 97 per cent to 787 TMT as against 399 TMT in comparison to previous year, the company said.

During the quarter, Natural Gas transmission volume stood at 123.65 MMSCMD in Q4 FY24 as against 121.54 MMSCMD in Q3 FY24.

Gas marketing volume stood at 99.90 MMSCMD against 98.14 MMSCMD in the previous quarter. LHC sales registered an increase of 5 per cent to 261 TMT against 249 TMT & Polymer sales jumped up by 13 per cent to 242 TMT against 215 TMT in comparison to the previous quarter.

On a consolidated basis, revenue from operations stood at Rs 1,33,500 crore in FY24 against Rs 1,45,875 crore during FY23. PAT (excluding Non-controlling interest) was Rs 9,899 crore in FY24 (up by 76 per cent) against Rs 5,616 crore in FY23.

GAIL CMD Sandeep Kumar Gupta said that 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 the FY24.