Shares of GAIL surged as much as 3% on Friday, October 30, in response to its September quarter results, that beat analyst expectations on a sequential basis.
GAIL reported a 17.8% increase in its topline to ₹45,895 crore. The figure was higher than the CNBC-TV18 poll of ₹40,426 crore.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) remained flat during the quarter to ₹6,412 crore, contrary to expectations of a decline, as a CNBC-TV18 poll had pegged the figure to be at ₹4,741 crore.
EBITDA margin during the quarter stood at 14%, down 240 basis points from the previous quarter, but better than the CNBC-TV18 poll projection, which had projected a further fall to 11.7%.
For GAIL, its natural gas marketing segment revenue grew to ₹41,226 crore from ₹34,437 crore in the June quarter.
Petrochemicals revenue also saw a sharp jump to ₹2,519.5 crore from ₹646 crore in the previous quarter.
LPG and Liquid Hydrocarbons business revenue dropped to ₹1,834 crore from ₹2,039 crore earlier.
GAIL Gas To Soon Become A Public Company
The board of GAIL has also given its in-principle approval for the listing of its wholly-owned subsidiary GAIL Gas Ltd. through the Initial Public Offering (IPO) route. GAIL will be diluting up to 25% of its equity in GAIL Gas through the IPO.
After GGL submits the final proposal based on BRLM recommendations on valuation, price band, modality and other terms & conditions, approval of GAIL Board for the final extent of dilution, modality & other terms & condition of IPO will be obtained. The same will be informed to Stock Exchanges accordingly.GAIL EXCHANGE FILING ON GAIL GAS IPO
Shares of GAIL are trading 1.9% higher on Friday at ₹168.25 after its results announcement. The stock is down 2% so far this year.
GAIL Q2 Results: PSU stock gains after earnings beat; Board approves GAIL Gas listing
