Volatility in gas marketing margins
Marketing margins dropped sharply in Q3 due to crude price decline, Henry Hub price increases, and spot sourcing at unfavorable prices. Management expects recovery over time but near-term volatility persists.
GAIL / Q3-FY25 / risks
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GAIL (India) · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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APM gas allocation cut impacting LPG production
A government order cut APM gas allocation to GAIL for LPG production by 0.63 MMSCMD, expected to reduce LPG production by ~75 TMT in Q4 FY25. No subsidy or alternative arrangement has been offered.
Pipeline volume loss due to competitor pipeline authorization
PNGRB authorized a pipeline by GSPL group that diverted ~1.5 MMSCMD of GAIL's transmission volume. GAIL is challenging this but the impact is immediate.
Delay in tariff revision by PNGRB
Tariff revision petition filed in August 2024 is delayed beyond the typical six-month timeline. Management expects it in Q1 FY26, but further delays could affect transmission revenue.