GAIL India Q1 Results: Profit Declines 45%, Misses Estimates
The company's first-quarter net profit fell 45% YoY to Rs 1793 crore, compared with Bloomberg's estimate of Rs 2,741 crore.
GAIL India Ltd.'s first-quarter profit declined 45%, missing analysts' estimates.
The company's net profit fell 45% year-on-year to Rs 1793 crore in the quarter ended June, according to an exchange filing. That compares with Rs 2,741 crore, the consensus analysts' estimate tracked by Bloomberg.
GAIL India Q1 FY24 Highlights (Consolidated YoY):
Revenue from operations fell 13.4% to Rs 32,849 crore.
Ebitda fell 41.5% to Rs 2,661 crore.
Ebitda margin was lower at 8.1% versus 11.9% a year ago.
"The company has incurred capex of about Rs 2,391 crore in Q1 FY24, mainly on pipelines, petrochemicals, equity in joint ventures, etc., which is about 31% of its annual target of Rs 7,750 crore," said Chairman and Managing Director Sandeep Kumar Gupta. "GAIL has been authorised to build the Gurdaspur-Jammu Natural Gas Pipeline, which has a length of 160 km and a capex of Rs 522 crore."
The company has, during the quarter, acquired a 100% stake in erstwhile JBF Petrochemicals Ltd., now GAIL Mangalore Petrochemicals Ltd., by infusing Rs 2,101 crore through the corporate insolvency resolution process, he said.
Shares of GAIL closed 1.79% higher at Rs 119.60 apiece, compared with a 0.55% rise in the benchmark Nifty 50.
