GAIL reports standalone net profit of Rs 604 crore, misses estimates
GAIL Q4 FY23 results: The numbers missed analysts' estimates by a big margin as Zee Business Research had pegged the company's net profit at Rs 980 crore while revenue was estimated to rise 23.5 per cent to Rs 43,700 crore
GAIL Q4 FY23 results: GAIL on May 18, 2023, reported a standalone net profit of Rs 603.52 crore for the quarter ended March 2023 (Q4FY23), down 77.5 per cent against Rs 2,683.11 crore logged in the year-ago period. Its revenue from operations stood at Rs 32,858.20 crore, up 21.8 per cent against Rs 26,968.21 crore in March 2022 quarter. On a sequential basis, the profit surged 145.6 per cent while the revenue slipped 7.12 per cent. The numbers missed analysts' estimates by a big margin as Zee Business Research had pegged the company's net profit at Rs 980 crore while revenue was estimated to rise 23.5 per cent to Rs 43,700 crore as against Rs 35,380.4 crore in the previous quarter.
The stock of the company slipped almost 5 per cent to Rs 104.85 on the BSE post the results announcement. Total income for the quarter under review stood at Rs 33,875.39 crore, down 6 per cent QoQ and up 23.6 per cent from Rs 27,391.71 crore registered in the year-ago period. Basic earnings per share (EPS) stood at Rs 0.92 at the end of the March 2023 quarter against 0.37 in the December quarter and 4.03 in the corresponding quarter of the previous fiscal.
On a consolidated basis, net profit came in at Rs 634.18 crore, down 81.6 per cent YoY but up 53.2 per cent QoQ. Revenue from operations came in at Rs 33,264.06 crore, down 7.4 per cent QoQ but up 21.7 per cent on a YoY basis.
"During the current financial year, one of the parent company's long-term LNG suppliers disrupted LNG supplies due to a geopolitical situation. The parent company has been making multiple efforts on various levels to mitigate the situation. The parent company is also pursuing its contractually available legal recourse for the Specific Performance of its contractual obligations. Accordingly, the impact on the Parent Company shall be assessed only after final outcome of the said legal recourse," GAIL said in its earnings release.