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GAIL India Q4 Results Review

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GAIL India Q4 Results Review

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GAIL India Reports Weak FY23 but Optimistic FY24

GAIL India (GAIL) has reported a weak FY23, with a roughly 50% YoY decline in standalone EBITDA. The company closed Q4 FY23 with an adjusted EBITDA of Rs4.9bn, which is an 87% YoY decrease. Recurring PAT for the quarter was Rs7.4bn, a 72% YoY decline. The EBITDA/PAT of Rs3.1bn/6bn was impacted by write-offs related to KMBPL (Rs1.1bn) and a legal settlement of an old case (Rs70mn). Furthermore, delivery of APM gas by another ~0.5mmscmd in Q4 (compared to 0.45mmscmd withdrawn in Q3) impacted transmission segment revenue by ~Rs4bn. Petchem’s earnings were also lower due to increased costs. However, the company remains optimistic for FY24 and anticipates a number of driving factors, including a new company taking over the Gazprom contract that will supply contracted gas, moderate spot LNG prices, strong demand and completion of Easter phase, higher domestic supply of 10%, and low costs for both Petchem and LPG. The report recommends buying with a target price of RS124.

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The report on GAIL India was written by an external party, and BQ Prime does not guarantee the accuracy of its contents or hold any responsibility for them. The contents of the report do not constitute investment advice. For professional investment advice tailored to individual needs, subscribers should seek out a professional. The views expressed in the report are those of the author alone and do not necessarily reflect BQ Prime’s viewpoints. Users are not authorized to copy, modify or distribute the content without the permission of the original owner.

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