GAIL Q4 Results Review: Systematix Retains 'Buy' Citing Positive Growth Outlook; Hikes Target Price

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GAIL India Ltd.’s Q4 FY25 operational performance was ahead of our estimates owing to positive earnings surprise from gas marketing business. Revenue was up 10.4% YoY/2.1% QoQ to Rs 357 billion, Ebitda declined 9.6% YoY to Rs 32.2 billion primarily due to losses in petrochemical business (-99.5% YoY) and dip in trading profits (-13% YoY).

On the volume front, gas trading volume was up 6.6% YoY to 106.5mmscmd while gas transmission/Petchem/LPG volume declined 2.3%/5.4%/23.8% YoY to 120.8mmscmd/229KT/198KT, respectively.

Sequentially, Ebitda was up 13% led by gas marketing and LPG transmission business segments while other businesses witnessed a de-growth.

Further, higher depreciation and lower other income led to an adjusted profit after tax of Rs 20.5 billion, down 5.9% YoY/0.6% QoQ, in line with estimates.

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