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GAIL, India's biggest natural gas company, revealed a remarkable 703% increase in its net profit for the October-December quarter. The profit after tax (PAT) surged from ₹398 cr in Q3FY23 to ₹3,194 cr in the quarter ending December 2023. However, the company's revenue slightly declined by 3.3% year-on-year, from ₹35,940 cr to ₹34,767.8 cr during the same period. GAIL's board also approved an interim dividend of ₹6 per equity share for the financial year 2023-24.
In comparison to the preceding quarter ending September 2023, the net profit rose by 30% to ₹2,442 cr. The revenue for the quarter increased by 5%, reaching ₹33,050 cr. Over the nine months ending December 2023, GAIL reported a substantial 50% increase in net profit, reaching ₹7,429 cr, while the revenue decreased by 10% from ₹1,12,611 cr to ₹1,00,666 cr.
These positive financial outcomes followed GAIL's recent long-term agreement with Vitol Asia Pte Ltd. The deal secures an annual supply of approximately 1 MMT of liquefied natural gas (LNG) to India. The decade-long commitment, starting in 2026, enhances GAIL's LNG portfolio and addresses India's growing natural gas demand. GAIL Chairman Sandeep Kumar Gupta stated that this agreement with Vitol will help bridge India's demand and supply gap for natural gas, while Vitol CEO Russell Hardy expressed enthusiasm about contributing to India's rising demand for LNG.
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