GAIL India Ltd.'s third quarter profit rose on higher natural gas sales and operating margin.
The net profit of India's largest natural gas supplier increased 30.8% sequentially to Rs 3,193.34 crore in the quarter ended December 2023, according to an exchange filing.
GAIL India Q3 FY24 Highlights (Consolidated, QoQ)
Revenue from operations rose 5.19% to Rs 34,697.78 crore.
Operating profit, or Ebitda, increased 17.54% to Rs 4,208.3 crore.
Ebitda margin was up 127 bps to 12.12% vs 10.85% a year ago.
The earnings were positively impacted by an improved performance across all major business verticals and petrochemical segment turning profitable on the back of plant efficiency, better capacity utilisation and other optimisation measures, said Sandeep Kumar Gupta, chairman and managing director at GAIL.
The company has incurred a capital expenditure of Rs 6,583 crore from April to December 2023, mainly on pipelines, petrochemicals, and equity to JVs, Gupta said.
During the quarter, the average natural gas transmission volume stood at 121.54 MMSCMD as against 120.31 MMSCMD in Q2 FY24, the company said.
The gas marketing volume stood at 98.14 MMSCMD, as against 96.96 MMSCMD in the previous quarter.
Liquefied hydrocarbon sales stood at 249 TMT, as compared with 242 thousand metric tonne, and polymer sales jumped up 28% sequentially to 215 TMT, as against 168 TMT in the previous quarter.
Shares of Gail India closed up 4.32%, as compared with a 1.76% rise in the benchmark Sensex on Monday.
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