GAIL India Reports Impressive Q3 FY24 Financials: PAT Surges 42% to INR 6,660 Crores

GAIL India Reports Impressive Q3 FY24 Financials: PAT Surges 42% to INR 6,660 Crores

New Delhi, January 29, 2024: GAIL (India) Limited, a major player in the energy sector, has revealed robust financial results for the nine months ending December 31, 2023. The Profit After Tax (PAT) recorded a significant 42% surge, reaching INR 6,660 Crores, compared to INR 4,698 Crores in the corresponding period of the previous year. The noteworthy growth is attributed to higher gas trading margins, increased transmission volume, and a rise in transmission tariff.

Key financial highlights include Revenue from Operations at INR 98,304 Crores for up to Q3 FY24, marking a slight dip from INR 1,11,443 Crores in the same period of FY 22-23. Profit Before Tax (PBT) witnessed a commendable 45% increase, standing at INR 8,713 Crores, compared to INR 5,993 Crores in the previous year.

Bharat Petroleum Surges with Record Nine-Month Profit of INR 22,449 Crores.

Quarter on Quarter, GAIL’s Revenue from Operations for Q3 FY24 rose by 8% to INR 34,254 Crores, reflecting a positive trend. PBT and PAT for the same quarter also exhibited growth, with increases of 18% each.

Sandeep Kumar Gupta, Chairman & Managing Director of GAIL, highlighted the improved physical performance across business verticals. The Petrochemical Segment turned profitable, driven by enhanced plant efficiency and optimization measures. GAIL reported a Capex of INR 6,583 Crores during April to December 2023, primarily allocated to Pipelines, Petrochemicals, and equity in Joint Ventures.

On a consolidated basis, GAIL’s Revenue from Operations for up to Q3 FY24 reached INR 1,00,666 Crores, with a PBT growth of 45% to INR 9,496 Crores. The company declared an interim dividend of 55%, amounting to INR 5.50 per equity share for FY 2023-24, reflecting confidence in its financial strength and outlook.