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Revenue
₹32,986 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GAIL reported a strong Q2 FY24 with consolidated PAT of INR 2,344 crore, up 36% QoQ, driven by higher gas trading margins, lower fuel costs, and dividend income. Gas transmission volume rose to 140.31 MMSCMD (up 4 MMSCMD QoQ) and marketing margins exceeded expectations, with H1 marketing margin reaching INR 3,700 crore against the full-year guidance of INR 3,500 crore. Management guided for FY24 average transmission volume of 120 MMSCMD and FY25 marketing margin of at least INR 4,000 crore. Petrochemical losses narrowed due to optimized gas sourcing, with a target to near breakeven by year-end. Key risks include regulatory delay in fuel cost recovery and sustained pressure on petrochemical margins from oversupply.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to exit FY24 at a run rate of 123-124 MMSCMD, with FY25 average of 132-133 MMSCMD.
- After achieving INR 3,700 crore in H1 FY24, management guided for a higher marketing margin next year.
- Management aims to close FY24 near breakeven and normalize with positive bottom line from next fiscal.
- 698 km section expected to be completed by June 2024; full pipeline of 1,755 km under construction.
Risks flagged
- PNGRB has not yet approved recovery of higher gas costs for compressor fuel; hearing scheduled for November 2023.
- Oversupply from new capacities and low polymer prices may delay breakeven target.
- Legal proceedings ongoing for undelivered LNG volumes; outcome uncertain.
- Frequent one-offs (e.g., GST provision, inventory costs) reduce predictability of core earnings.
Key quotes
- We have been able to reduce our cost of gas by $1, which straight away goes to my profit, as compared to Q1.
- We expect at least to earn INR 4,000 crore as a marketing margin next financial year.
- We have been able to reduce our losses to a great extent... we will be able to source gas at a price which gives a significant change to the pro- financials for petrochemical plant.
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