GAIL (India) (GAIL) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 saw robust sequential and year-over-year growth in turnover and profit, driven by strong gas transmission, higher domestic gas marketing volumes, and stable operational performance.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 30th June 2024, with statutory auditors finding no material misstatements.

• Fertilizer, power, and city gas distribution sectors remained the largest consumers of natural gas.

• Received clean CAG comments for financials for the 15th consecutive year; advanced net zero target to 2035.

Financial highlights

• Consolidated turnover for Q1 FY25 was INR 34,822 crore, up 6% sequentially and from INR 32,848.78 crore year-over-year.

• Consolidated PAT for Q1 FY25 was INR 3,183.35 crore, up from INR 1,792.99 crore year-over-year.

• Standalone PAT for Q1 FY25 was INR 2,723.98 crore, up from INR 1,412.00 crore year-over-year.

• GAIL Gas subsidiary reported 5% sequential revenue growth and 20% PAT growth.

• Market capitalization at the end of Q1 FY25 stood at $8,381 million.

Outlook and guidance

• Gas marketing volume expected to grow by 5% in FY25; on track to meet guidance.

• Gas transmission volume guidance maintained at 130–132 MMSCMD for FY25, with 10–12 MMSCMD annual growth expected over next 2–3 years.

• Marketing margin guidance set at minimum INR 4,500 crore for FY25.

• CapEx guidance: INR 11,450 crore for FY25 and INR 10,129 crore for FY26.

• Management confident of favorable outcomes in ongoing legal matters based on legal opinions.