 "GAIL")
State-run gas Gas Authority of India Limited (GAIL) reported an 87 per cent jump in net profit at Rs 2,442 crore in the second quarter of 2023-24 (Q2FY24) on increased gas transmission volumes and transmission tariff realisation.
Sequentially, its net profit rose 36.2 per cent, up from Rs 1,793 crore.
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However, the company’s revenue from operations fell 14.6 per cent to Rs 33,049 crore from Rs 38,728 crore in the year-ago period. Also, the cumulative net profit of the first six months of the current financial year was Rs 3,817 crore, down fromRs 4,452 crore registered in the year-ago period.
Natural gas marketing gains came in 25 per cent lower at Rs 31,491 crore in Q2FY23. Gas marketing volumes decreased 2 per cent to 96.96 million standard cubic meters of gas per day (mmscmd), down from 98.84 mmscmd in the previous quarter, the company said.
Meanwhile, natural gas transmission volume grew 3.4 per cent to 120.3 mscmd from 116.33 mscmd and 108.23 mscmd in the preceding two quarters, it said. Sandeep Kumar Gupta, chairman and managing director of GAIL, believes the segment will continue to perform better.
He said performance during the quarter was constrained due to lower realisation in polymers and liquefied petroleum gas, which are expected to be better going forward. He said the company had incurred a capital expenditure of around Rs 4,853 crore -- majorly on pipelines, petrochemicals, equity to joint ventures, etc, -- during the current half year.
Liquid hydrocarbon sales rose 7 per cent to 242 thousand metric tonnes (tmt) against 247 tmt and 230 tmt in the preceding two quarters. Similarly, polymer sales jumped to 168 tmt, up from 162 tmt and 118 tmt, respectively, in the preceding two quarters.
