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 reached INR 66,441 crore standalone and INR 68,614 crore consolidated, with Q2 standalone turnover at INR 32,814 crore and consolidated at INR 33,861 crore.

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

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2024 were approved by the Board on 5th November 2024.

• Statutory auditors issued limited review reports with no material misstatements identified.

Financial highlights

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

• Standalone profit before tax for H1 FY25 was INR 7,095 crore; consolidated PBT was INR 7,583 crore.

• Q2 FY25 standalone turnover: INR 32,814 crore (down from INR 33,627 crore in Q1); PAT: INR 2,672 crore (down from INR 2,724 crore in Q1).

• Standalone revenue from operations for Q2 FY25 was INR 32,930.72 crore, up from INR 31,822.62 crore in Q2 FY24; half-year revenue was INR 66,622.35 crore, up from INR 64,050.09 crore year-over-year.

• Market capitalization stood at INR 1,19,108 crore as of H1 FY25.

Outlook and guidance

• FY25 gas marketing margin guidance maintained at INR 4,500 crore; 73% achieved in H1.

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

• Major petrochemical projects (PDH-PP at Usar, PP at Pata, GMPL) progressing, with commissioning expected between Dec 2024 and Oct 2025.

• Petrochemical segment returned to profitability in H1 FY25, with PBT of INR 116 crore.

• Management expects no material impact from ongoing legal matters.