GAIL Q3 results: Net profit jumps 703% YoY to ₹3,193.3 crore; revenue plunges 3.3%
₹397.5 crore during Q3FY23 to ₹3,193.3 crore during the quarter ending December 2023. The revenue of the natural gas company declined 3.3% YoY from ₹35,940 crore to ₹34,767.8 crore during the period under review. GAIL's board also approved an interim dividend for the financial year 2023-24 at ₹5.50 per equity share on the paid-up equity share capital of the company.
“The Interim Dividend will be paid with reference to the 'Record Date' i.e. Tuesday, 06th February, 2024 fixed for the said purpose," GAIL said in a regulatory filing. Sequentially, the net profit of the company jumped 30% from ₹2,442 crore during the quarter ending September 2023.
The quarter-on-quarter revenue of the company rose 5% from ₹33,049.6 crore reported during the previous quarter. In the nine-month period ending December 2023, GAIL posted 50% jump in its net profit from to ₹7,428.5 crore from ₹4,953 crore reported during the year ago period. The revenue of the company during this time declined 10% from ₹1,12,611 crore to ₹1,00,666 crore during the period under review.
The positive results came weeks after GAIL (India) Ltd entered into a long-term deal with Vitol Asia Pte Ltd, securing a lengthy commitment for the annual provision of approximately 1 million metric tonnes of liquefied natural gas (LNG) to India. As per the terms of the agreement, Vitol will transport LNG from its extensive global portfolio to GAIL for a decade, commencing in 2026. The specifics of the deal beyond this information have not been publicly disclosed, as stated by the state-run company in a release on Friday.
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