New Delhi, Aug 04: GAIL (India) Limited recorded 116% increase in revenue from operations to Rs. 37,572 crore in Q1 FY23 as against Rs. 17,387 crore in the corresponding quarter of previous financial year.
The Company’s Profit Before Tax (PBT) increased 90% to Rs. 3,894 crore in Q1 FY23 as against Rs. 2,054 crore in Q1 FY22 while Profit After Tax (PAT) rose 91% to Rs. 2,915 crore in Q1 FY23 as against Rs. 1,530 crore in the corresponding quarter of last fiscal. The positive results were mainly on account of increased gas marketing and transmission volumes, better marketing spread and higher product prices.
On Quarter on Quarter basis, the Revenue from operations increased 39% to Rs. 37,572 crore in Q1 FY23 as against Rs. 26,968 crore in Q4 FY22, Profit before Tax (PBT) increased 10% to Rs. 3,894 crore from Rs. 3,546 crore while Profit after Tax (PAT) rose 9% to Rs. 2,915 crore as against Rs. 2,683 crore, primarily because of the same reasons.
On Consolidated basis, the Revenue from operations increased 116% to Rs. 37,942 crore in Q1 FY23 as against Rs. 17,589 crore in corresponding quarter in previous year, PBT in Q1 FY23 stood at Rs. 4,230 crore as against Rs. 2,540 while PAT was Rs. 3,253 crore as against Rs. 2,138 crore.
On Quarter on Quarter basis, the Revenue from operations rose 39% to Rs. 37,942 crore in Q1 FY23 as against Rs. 27,328 crore in Q4 FY22, PBT stood at Rs. 4,230 crore as against Rs. 4,375 while PAT was Rs. 3,253 crore as against Rs. 3,454 crore.
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., he added.
GAIL has commissioned the 533 KM Bokaro – Angul Pipeline section of Jagdishpur- Haldia & 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, Shri Jain said.
He further added that 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.