GAIL India Ltd.'s consolidated net profit nearly doubled in the second quarter on the back of strong operating margin, beating analysts' estimates.
The public sector natural gas distributors' profit rose 87% to Rs 2,442 crore, according to an exchange filing on Tuesday. That compares with the Rs 1,787.6-crore consensus estimate of analysts tracked by Bloomberg.
GAIL Q2 FY24 Earnings Highlights (Consolidated, YoY)
Revenue from operations fell 15% to Rs 32,986 crore (Bloomberg estimate: Rs 34,426.9 crore).
Ebitda or operating profit was up 88% to Rs 3,580 crore (Bloomberg estimate: Rs 2,509 crore).
Ebitda margin was up 593 basis points to 10.9% (Bloomberg estimate: 7.30%).
During the quarter, natural gas transmission volume stood at 120.31 million metric standard cubic meters as against 116.33 mmscmd in the first quarter.
Gas marketing volume stood at 96.96 mmscmd as against 98.84 mmscmd in the previous quarter. The company has performed well specially on the strength in gas transmission segment, which will continue to perform better, according to Sandeep Kumar Gupta, managing director of GAIL.
Performance during the quarter was constrained by lower realisation in polymers and LPG, which are expected to be better. The company has incurred a capital expenditure of around Rs 4,853 crore during the current half year, mainly on pipelines, petrochemicals and equity to joint ventures, he said.
Shares of GAIL were trading 0.72% higher at Rs 119.55 apiece as compared with a 0.33% increase in the benchmark NSE Nifty 50 as of 3.25 p.m.
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