Thursday, February 29, 2024

GAIL India expects to source 20-25% of LNG on short-term or spot basis: Report

GAIL (India) Ltd, the state-run natural gas distributor, expects to secure about 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis, Reuters reported quoting a company official.

The rest of the LNG will be via long-term contracts, GAIL’s marketing director, Sanjay Kumar said at the Gastech industry conference in Singapore on Thursday, as per the report.

He added that the company would tap spot markets to meet seasonal demand or volatility, the report said.

Meanwhile, in the quarter ended June 2023, GAIL (India) reported a decline of 45% in consolidated net profit at 1,793 crore as compared to 3,250 crore in the corresponding period last year.

The state-run gas distributor’s revenue from operations in Q1FY24 fell 13% to 32,848 crore, compared to 37,942 crore in the year-ago period.

Read here: GAIL Q1 Results: Net profit falls 45% to 1,793 crore, revenue down 13% YoY

During April-June 2023 quarter, the natural gas transmission volume grew 7% to 116.33 million metric standard cubic meter per day (MMSCMD) from 108.23 MMSCMD in the March quarter. 

GAIL’s gas marketing volume increased 2% to 98.84 MMSCMD from 96.46 MMSCMD, QoQ.

GAIL India share price has risen more than 30% this year so far. The stock is up over 9% in one week and nearly 19% in the last three months.

On Thursday, GAIL India shares rose 2.28% to hit a 52-week high of 127.40 apiece on the BSE.

At 11:25 am, GAIL India shares were trading 0.88% higher at 125.65 apiece on the BSE.

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Updated: 07 Sep 2023, 11:27 AM IST

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