GAIL logs 161% y-o-y growth in Q1FY23 Revenue at Rs37,572 crore; stock skids ~3%

5 Aug 2022 , 09:17 AM

GAIL (India) Limited announced its results for the quarter ended June 30, 2022. The company recorded a 116% yoy increase in Revenue from operations at Rs37,572 crore in Q1FY23 as compared to Rs17,387 crore in the corresponding quarter of the previous financial year.

Company’s Profit after Tax (PAT) jumped 91% y-o-y to Rs2,915 crore in Q1FY23 as compared to Rs1,530 crore in the corresponding quarter of last fiscal.

The company outlined that the positive results were mainly on account of increased gas marketing and transmission volumes, better marketing spread, and higher product prices.

Further, on a sequential basis, the Revenue from operations grew by 39% to Rs37,572 crore in Q1FY23 as compared to Rs26,968 crore in Q4FY22. Profit after Tax (PAT) witnessed a jump of 9% yoy to Rs2,915 crore as against Rs2,683 crore.

Shri Manoj Jain, Chairman & Managing Director, GAIL stated that the company has successfully registered healthy growth in the overall performance despite multiple headwinds in the gas business.

He further stated that GAIL has incurred a capital expenditure (CAPEX) of about Rs1,975 crore during the quarter mainly on Pipelines Petrochemicals, Equity to JVs, etc.

GAIL also commissioned the 533 KM Bokaro – Angul Pipeline section of Jagdishpur-Haldia & Bokaro – Dhamra Natural Gas Pipeline (JHBDPL) during the quarter.

At around 9.19 AM, GAIL (India) was trading at Rs135.45 down by 3.32% from its previous closing of Rs140.10 on the BSE. The scrip opened at Rs141.