GAIL India Q4FY23 PAT down -81.6% at Rs634 crore on sharp spike in imported prices of gas

GAIL India reported 21.72% higher revenues for the March 2023 quarter on consolidated basis at Rs33,264cr on improved volumes and price realization. Sequential revenues were down -7.45%. In terms of sectoral verticals, the company reported higher revenues across natural gas transmission and natural gas marketing on stable prices. However, petchem revenues almost halved in the year, while LPG and CGD business saw growth.

Operating profits for the quarter were down -84.2% in Q4FY23 at Rs668 crore. Across verticals, the operating profits on natural gas marketing fell sharply by -67% on account of higher input and operating costs. At the same time, the petchem business dipped from operating profits into operating losses. Both CGD and LPG business saw a sharp fall in profits in the year due to higher input costs.

Financial highlights for Mar-23 compared yoy and sequentially

 GAIL India    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 33,264

₹ 27,328

21.72%

₹ 35,940

-7.45%

Operating Profit (Rs cr)

₹ 668

₹ 4,236

-84.23%

₹ 276

141.80%

Net Profit (Rs cr)

₹ 634

₹ 3,454

-81.64%

₹ 414

53.27%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 0.96

₹ 5.19

 

₹ 0.63

 

OPM

2.01%

15.50%

 

0.77%

 

Net Margins

1.91%

12.64%

 

1.15%

 

 

The pressure on net profits came from the higher input and inventory costs was evident in the quarter. Operating margins for the quarter fell sharply yoy from 15.5% to 2.01% while the net margins also fell sharply from 12.64% to 1.91%  yoy.

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