GAIL Q2 Results: Profit Drops, Misses Estimates On Lower Margins
GAIL (India) Ltd.'s net profit dropped by half in the quarter ended September, missing analyst estimates on lower operating margins.
The consolidated net profit of India's largest gas marketer dropped by 55% year-on-year to Rs 1,304.6 crore compared with the Rs 1,814.8 crore estimates of analysts tracked by Bloomberg.
GAIL Q2 FY23 Highlights (YoY)
Revenue from operations rose 78% to Rs 38,728.86 crore, against the Rs 26,982 crore forecast.
Operating income fell to Rs 1,903.79 crore vs Rs 2,791.2 crore as expenses doubled.
Total expenses doubled to Rs 37,602 crore, compared with Rs 18,811 crore a year ago.
Ebitda margins declined to 4.92% vs 16.62%.
Operational Performance
Due to ongoing geopolitical issues, one of the parent company's long-term LNG suppliers hasn't been able to deliver liquefied natural gas cargo, the company said in an exchange filing.
The parent company has taken various measures, which include a reduction in supplies to downstream customers and in its own internal consumption at the Pata petrochemical plant, by reducing petrochemical production, to have a sustainable operation, the company said.
The company issued bonus shares in September 2022, in the ratio of one equity share of Rs 10 each for every two existing equity shares of Rs 10 each.
Shares of GAIL (India) closed 1.19% lower in today's trade compared with a 0.19% rise in the BSE Sensex.
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