Comments
State-run GAIL reported a 45 per cent drop in consolidated net profit at ₹1,793 crore for the April-June quarter of the current financial year.
However, the country’s largest gas utility’s net profit was higher by 179 per cent on a sequential basis from ₹643 crore in Q4 FY23.
The company’s consolidated total income fell 13 per cent y-o-y and 2 per cent q-o-q to ₹33,001 crore in Q1 FY24. GAIL’s expenses during the quarter were lower at ₹31,095 crore both on an annual as well as sequential basis.
Commenting on the company’s performance, GAIL CMD SK Gupta said the firm has incurred a capex of about ₹2,391 crore during the current quarter, mainly on pipelines, petrochemicals, equity to JVs, etc. which is about 31 per cent of its annual target of ₹7,750 crore.
He said GAIL has been authorised to build the Gurdaspur-Jammu Natural Gas pipeline having a length of 160 km with capex of ₹522 crore.
During the June quarter, GAIL acquired 100 per cent stake in erstwhile JBF Petrochemicals, now GAIL Mangalore Petrochemicals, by infusing ₹2,101 crore through Corporate Insolvency Resolution Process (CIRP).
On June 1, 2023, GAIL said it completed the acquisition of GAIL Mangalore Petrochemicals (GMPL), which has become a wholly owned subsidiary of the company.
During the quarter, natural gas transmission volume registered a growth of 7 per cent to 116.33 million standard cubic meters per day (MSCMD) in Q1 FY24 as against 108.23 MSCMD in Q4 FY23.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.