GAIL Q2 Results: State-run natural gas major beats Street estimates with 70% jump in PAT; margin improves by 340 bps
GAIL shares leaped into the green after the state-run gas utility company reported a strong set of Q2 results.
State-run natural gas processing and distribution company GAIL on Tuesday reported a standalone net profit of Rs 2,404.9 crore for the quarter ended September 30, 2023, marking a sequential jump of 70.3 per cent. The GAIL stock leaped into the green after the earnings announcement.
GAIL's revenue stood at Rs 31,822.6 crore for the second quarter of the current financial year, as against Rs 32,227.5 crore for the previous three months, according to a regulatory filing.
According to Zee Business research, GAIL was estimated to report a standalone net profit of Rs 1,596 crore and revenue of Rs 33,650 crore for the quarter ended September 2023.
GAIL shares gained by as much as Rs 2.8, or 2.3 per cent, to Rs 121.4 apiece on BSE after the news. The stock finished the day 1.1 per cent stronger at Rs 120 apiece.
The PSU registered a 43.5 per cent quarter-on-quarter increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) to Rs 3,491 crore for the quarter under review, as against the Zee Business analysts' estimate of Rs 2,340 crore.
Its margin, a key measure of profitability, improved by 340 basis points (bps) sequentially to 11 per cent. According to Zee Business research, the company's margin for the fiscal second quarter was pegged at 7.0 per cent.
(This story will be updated shortly)
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