GAIL (India) (GAIL) Q2 24/25 earnings summary

Executive summary

• Achieved record H1 FY25 standalone PBT of INR 7,095 crore and PAT of INR 5,396 crore, with consolidated PAT at INR 5,876 crore, driven by strong marketing margins and stable transmission volumes.

• H1 FY25 gross turnover was INR 66,441 crore standalone and INR 68,614 crore consolidated, with Q2 FY25 standalone turnover at INR 32,814 crore and consolidated turnover at INR 33,861 crore.

• Unaudited financial results for Q2 and H1 FY25 were approved by the Board, with statutory auditors reporting no material misstatements.

• Gas transmission and marketing volumes remained stable, with total gas supply at 98.02 MMSCMD in H1 FY25.

Financial highlights

• Standalone EBITDA for H1 FY25 was INR 9,358 crore; consolidated EBITDA was INR 10,055 crore.

• Standalone net profit for Q2 FY25 was INR 2,672 crore, with consolidated net profit at INR 2,694 crore.

• Standalone revenue from operations for Q2 FY25 was INR 32,930.72 crore, up from INR 31,822.62 crore in Q2 FY24.

• Market capitalization stood at INR 1,19,108 crore as of H1 FY25, with a debt to equity ratio of 0.15.

• Other income included INR 364 crore in dividends and INR 163 crore in interest from JVs.

Outlook and guidance

• CapEx for FY25 is guided at INR 8,000-10,100 crore, with higher spend expected in H2 and ~INR 8,480 crore projected for FY26.

• Marketing margin guidance for FY25 is INR 4,500 crore, with 73% achieved in H1 and potential for upward revision in Q3.

• Gas transmission volume for FY25 expected at 130 MMSCMD, with annual growth of 10-12 MMSCMD projected over the next 2-3 years.

• Petrochemical segment returned to profitability in H1 FY25, with expectations for continued profit.

• Major new LNG contracts (1.53 MMTPA) are crude-linked and cheaper than existing contracts, with profitability from new petchem projects expected post-FY27.