GAIL on Thursday reported a 51 per cent Y-o-Y jump in consolidated net profit at Rs 3,250.95 crore in the April-June quarter this fiscal aided by increased gas marketing and transmission volumes and higher product prices.
The gas utility’s consolidated total income rose more than two-fold on an annual basis to Rs 38,033.30 crore in Q1 FY23.
On a sequential basis, consolidated net profit declined by 6 per cent from Rs 3,473.77 crore in Q4 FY22, while total income rose 37 per cent.
Chairman and Managing Director Manoj Jain said the company has registered healthy growth in the overall performance despite turbulent times in the gas business. GAIL has incurred a capital expenditure of about Rs 1,975 crore during Q1 FY23 mainly on pipelines, petrochemicals, equity to JVs, etc.
To provide a thrust to the government’s focused initiatives to increase the share of natural gas in the primary energy basket, GAIL has approved the setting up of a Small Scale LNG (SSLNG) plant on a pilot basis and has placed an order for two small-scale liquefaction skids. This will help provide natural gas to geographical areas (GAs) not connected to the main natural gas pipeline, facilitate LNG as a transport fuel, and help monetise stranded/ isolated upstream gas assets, he added.
The country’s largest gas utility commissioned the 533-km Bokaro-Angul pipeline section of the Jagdishpur-Haldia & Bokaro–Dhamra Natural Gas pipeline (JHBDPL) during the quarter, which was inaugurated by Prime Minister Narendra Modi on July 12.
With this, 1,642 km of JHBDPL, popularly known as Pradhan Mantri Urja Ganga, has been commissioned, while the remaining sections are expected to be completed by June 2023, Jain said.