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Revenue
₹34,678 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
GAIL reported a strong Q3 FY24 with consolidated PAT of INR 3,195 crore, up 31% QoQ, driven by robust gas marketing margins, higher petrochemical sales, and improved LHC realizations. Gas marketing margin guidance was raised to INR 5,500 crore for FY24, surpassing the earlier INR 3,500 crore target, supported by optimization measures like time and destination swaps. Petrochemicals turned profitable with PBT of INR 62 crore vs a loss of INR 160 crore in Q2, aided by 101% capacity utilization and lower input gas costs. Transmission volumes averaged 121.54 MMSCMD, with FY24 guidance of 120 MMSCMD. Management guided for FY25 gas marketing margin of at least INR 4,000 crore and transmission volume growth of 12-15 MMSCMD over 2-3 years. CapEx for FY25 is targeted at INR 17,000 crore, with significant petrochemical investments. Key risk: potential margin compression if LNG prices spike or domestic demand falters.
Colored figures show movement against the previous available record.
Guidance to track
- Management raised guidance from INR 3,500 crore to INR 5,500 crore, with nine-month margin already at INR 4,300 crore.
- Minimum expected marketing margin for FY25, with potential upside based on market conditions.
- Minimum expected marketing margin for FY26, reflecting volume growth and optimization.
- Includes INR 4,400 crore on petrochemicals, INR 3,000 crore on pipelines, INR 3,000 crore on net zero, and INR 5,000 crore equity contributions.
Risks flagged
- From December 16, 2023, GAIL lost APM gas allocation for compressor fuel, increasing OpEx for gas transmission. Full impact will be felt in Q4.
- Petrochemical profitability depends on input gas cost and selling prices, which are volatile. Management expects reasonable profit but uncertainty remains.
- Shortfall volumes from Gazprom have not been supplied, and the matter is sub judice. No compensation or resolution has been factored into guidance.
- Analyst raised concern that petrochemical investments have lower ROCE, dragging overall company returns. Management defended based on long-term demand.
Key quotes
- We have already earned gas marketing margin of INR 4,300 crore, which has surpassed our earlier guidance.
- We expect to have more than what marketing margin we are earning today.
- In the past, we did swap for a different objective. But currently we are doing swap as part of our LNG portfolio operations.
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