GAIL Q2 Results: Net Profit Soars 56% YoY To Rs 2,404.89 Crore

The revenue from operations declined 17 per cent to Rs 31,822.62 crore in the second quarter in the current fiscal year, against Rs 38,490.89 crore logged in the same quarter a year earlier.

The profit before tax for the company gained 67 per cent to Rs 3,130.10 crore in the reporting quarter, against Rs 1,875.91 crore on a YoY basis.

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The state-owned GAIL (India) Ltd posted a jump of 56 per cent in it’s standalone profit for the second quarter of the current fiscal year on a year-on-year (YoY) basis. The government-owned gas utility firm reported a profit of Rs 2,404.89 crore for the quarter ended September in the fiscal 2023-24, against a profit of Rs 1,537.07 crore in the corresponding quarter in the previous 2022-23 fiscal year. 

The firm via an exchange filing revealed that the revenue from operations declined 17 per cent to Rs 31,822.62 crore in the second quarter in the current fiscal year, against Rs 38,490.89 crore logged in the same quarter a year earlier.

The profit before tax for the company gained 67 per cent to Rs 3,130.10 crore in the reporting quarter, against Rs 1,875.91 crore on a YoY basis. The firm reported an increase in it’s earnings per share which stood at Rs 3.66 in the quarter under review, against Rs 2.34 in the second quarter in the previous fiscal year. 

The total expenses of the firm declined 22 per cent to Rs 29,253.46 crore in the reporting quarter, against Rs 37,413.82 crore logged in the same period a year earlier.

The company stated that it’s transmission services in the natural gas segment remained the major earner for the firm with an over 81 per cent jump in profit before interest and tax in the sector. Natural gas marketing turned out to be the most profitable segment for the firm with a profit before interest and tax at Rs 1,784.58 crore in Q2FY24, against Rs 362.90 crore logged in the same quarter a year earlier.

The total income of the company dipped over 17 per cent in the quarter under review. The firm reported a total income of Rs 32,383.56 crore in the second quarter of the current fiscal year, down from Rs 39,289.73 crore logged in the corresponding quarter in the previous financial year.