GAIL Q1 Results FY2023, Net Profit at Rs. 2915 Crores

On 4th August 2022, GAIL announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- GAIL (India) Limited recorded a 116% increase in Revenue from operations to Rs. 37,572 crores in Q1FY23 as against Rs. 17,387 crores in the corresponding quarter of the previous financial year, On Quarter on Quarter basis, it increased by 39%.

- The Company's Profit before Tax (PBT) increased 90% to Rs. 3,894 crores in Q1FY23 as against Rs. 2,054 crores in Q1FY22,  and increased by 10% QoQ.

- Profit after Tax (PAT) rose 91 % to Rs. 2,915 crores in Q1FY23 as against Rs. 1,530 crores in the corresponding quarter of last fiscal, and on a quarterly basis it increased by 9%.

-  The positive results were mainly on account of increased gas marketing and transmission volumes, better marketing spread, and higher product prices. 

Commenting on the results, Shri Manoj Jain, Chairman & Managing Director, GAIL said: “The company has successfully registered a healthy growth in the overall performance despite turbulent times in the gas business. GAIL has incurred a capital expenditure of about Rs. 1,975 crore during the quarter mainly on Pipelines Petrochemicals, Equity to JVs, etc.

GAIL has commissioned the 533 KM Bokaro - Angul Pipeline section of JagdishpurHaldia & Bokaro - Dhamra Natural Gas pipeline (JHBDPL) during the quarter which was inaugurated by Hon'ble Prime Minister Shri Narendra Modi on 12th July, 2022. With this, 1,642 km of JHBDPL, popularly known as Pradhan Mantri Urja Ganga, has been commissioned while the remaining sections are expected to be completed by June 2023.

To provide a thrust to the Government of India's focused initiatives to increase the share of natural gas in the primary energy basket, company has approved the setting-up of Small Scale LNG (SSLNG) plant on pilot basis and order for two small-scale liquefaction skids has been placed. This will help in, providing Natural Gas to Geographical areas not connected to main Natural Gas pipeline, facilitate LNG as transport fuel and help monetize stranded / isolated upstream gas assets."