GAIL (India) Q1FY24 result: Net profit at Rs 1,412 cr YoY; revenue down 14%

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The standalone net profit of GAIL (India) for the first quarter of the current financial year (Q1YFY24) saw a fall of 51.56 per cent to Rs 1,412 crore, compared to Rs 2 915,19 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was up 133.9 per cent. In Q4FY23, the net profit of the company was Rs 603.52 crore.

The revenue from operations for Q1FY24 came in at Rs 32,227.47 crore, compared to Rs 37,572.14 crore year-on-year (YoY). This is a fall of 14.22 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was down 1.91 per cent. It was Rs 32,858.20 crore in Q4FY23.

The total income for Q1FY24 came in at Rs 32,495.07 crore, compared to Rs 37,751.91 crore YoY. This is a fall of 13.92 per cent.

On a QoQ basis, the total income was down 4.07 per cent. It was Rs 33,875.39 crore in Q4FY23.

Last week, GAIL India and the Indradhanush Gas Grid Limited (IGGL) signed an interconnection agreement to connect the North East Gas Grid (NEGG) of IGGL with the Barauni Guwahati Pipeline (BGPL) of GAIL.

The interconnection agreement will facilitate the connection of the NEGG with the BGPL at three locations — Jalpaiguri in West Bengal, and Baihata and Panikhaiti in Assam