The Maharatna PSU, Gas Authority of India Limited (GAIL) announced its financial results for the financial year 2023-24 (FY24), where it registered a whopping 75% surge in its profit before tax (PBT) of Rs. 11,555 during FY24 against Rs. 6,584 crore in FY23. The net profit of the company went up by 67% to Rs 8,836 crore in FY24 as against Rs. 5,302 crore in FY’23, while revenue from operations stood at Rs. 1,30,638 crore in FY24 as against Rs. 1,44,302 crore in FY23.
Mr. Sandeep Kumar Gupta, the Chairman and Managing Director (CMD) of GAIL, stated that the PSU’s robust performance during FY24 was primarily driven by better physical performance across all major segments despite lower prices in petrochemicals and liquid Hydro-Carbons. He stated that the company has incurred a Capex of Rs. 11,426 crore during FY24.
Mr. Gupta used the podium to announce that the GAIL’s Board had approved the laying of the C2/C3 liquid pipeline from Vijaipur to Auraiya having an estimated Project Cost of Rs. 1,792 Crores with a commissioning period of 32 months. The project will augment feedstock availability with additional polymer production at Pata Petrochemical Complex, reduce energy consumption and carbon footprint.
