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State-run GAIL on Friday reported a 37 per cent y-o-y growth in its consolidated net profit at ₹3,473.77 crore for Q4 FY22. On a sequential basis, the net profit declined by 8.5 per cent.
The gas utility’s consolidated total income grew 71 per cent y-o-y to ₹27,690.40 crore during the quarter. On a sequential basis, the company’s total income rose by 4 per cent from ₹26,597.03 crore in Q3 FY22.
On a consolidated basis, GAIL achieved an annual revenue from operations, profit before tax (PBT) and net profit of ₹92,874 crore, ₹15,464 crore and ₹12,256 crore in FY22, up by 62 per cent, 100 per cent and 100 per cent, respectively, compared to FY21.
Eyeing 10-year deal
GAIL CMD Manoj Jain said the PSU incurred a capex of ₹7,738 crore mainly on pipelines, petrochemicals, equity to JVs, etc. GAIL’s spending in CSR during the year is 3 per cent against the mandate spend of 2 per cent.
The company paid a dividend for ₹3,996 crore at ₹9 per share. Besides, the board has recommended a final dividend of ₹1 per share for FY22 taking the total to ₹4,440 crore, which is highest ever by GAIL. Besides this, buyback of shares amounting to ₹1,083 crore has already been approved.
Speaking to reporters, Jain said the gas utility is eyeing a 10-year deal to import 1 mt of liquefied natural gas (LNG) with supplies starting likely in 2023. GAIL already has a long-term gas import agreement with Gazprom Marketing and Trading Singapore to purchase an average 2.5 mt annually.
Future plans
The company is also on the lookout for long term and short term (spot) deals to meet India’s growing demand for natural gas. GAIL expects its LNG imports to grow by 5-6 per cent in FY23. On gas prices, Jain said LNG prices will remain firm for the next 1-1.5 years.
GAIL has awarded contract to set-up India’s largest electrolyser to produce hydrogen. The company is also tying up new gas sources to meet the emerging gas demand in the domestic market and continue its footprints in international market, Jain said. GAIL has also embarked upon alternate energies like green hydrogen, renewables and bio-fuels projects which are of national importance and would likely provide a transition to the future, he added.
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