GAIL Q4 net profit triples on gas transmission business turnaround

| | New Delhi
  • 0

GAIL Q4 net profit triples on gas transmission business turnaround

Friday, 17 May 2024 | PTI | New Delhi

State-owned gas utility GAIL (India) Ltd on Thursday reported more than tripling of its fourth quarter net profit after natural gas transmission and petrochemical business saw a turnaround.

Its standalone net profit of Rs 2,176.97 crore in January-March — the fourth quarter of 2023-24 — was 261 per cent more than Rs 603.52 crore net profit in the same period last year, according to stock exchange filing by the company.

The net profit was, however, 26 per cent lower than Rs 2,842.62 crore earning in the preceding quarter of October-December.

The year-on-year rise in profit was aided by a turnaround in natural gas transmission and petrochemicals business and an uptick in gas marketing.

Against a loss of Rs 16.41 crore in gas transmission business in January-March 2023, India’s largest gas transportation and marketing firm booked a pre-tax profit of almost Rs 980 crore. Also, the petrochemical business had a pre-tax profit of Rs 262.34 crore compared to a loss of Rs 401 crore in the previous year.

Earnings from natural gas marketing jumped to Rs 1,390 crore in January-March 2024 from Rs 487.40 crore a year back.

Its revenue from operation was almost flat at Rs 32,334.50 crore.

For the full 2023-24 fiscal (April 2023 to March 2024), GAIL reported a net profit of Rs 8,836.48 crore on a revenue of Rs 1.3 lakh crore. This was higher than Rs 5,301.51 crore profit on a revenue of Rs 1.44 lakh in the previous 2022-23 fiscal year.

Sunday Edition

DIWALI | Festival that Unites Hearts and Homes

27 October 2024 | SAKSHI PRIYA | Agenda

Celebrate India's diverse culinary landscape

27 October 2024 | Sharmila Chand | Agenda

A HEALTHY DIWALI

27 October 2024 | Team Agenda | Agenda

A Taste of Italy at Farmer’s Basket

27 October 2024 | Gyaneshwar Dayal | Agenda

Go green this diwali

27 October 2024 | Divya Bhatia | Agenda

A Night of Dandiya and Festive Cheer

27 October 2024 | SAKSHI PRIYA | Agenda