GAIL India Q4 earnings: Stock slips over 4% as net profit tumbles 77%

Shares of GAIL India slipped over 4 per cent today after the state-owned gas utility reported a weak set of earnings for the quarter ended March 2023. Standalone profit plunged 77.5 percent year-on-year to Rs 603 crore in Q4 against the net profit of Rs 2683 crore in the year-ago period.  Subsequently, GAIL India stock touched an intraday low of Rs 104.75, down 4.77% on BSE. Market cap of the firm fell to Rs 69,696 crore on BSE.  In a year, the stock has gained 4.43% and gained 10.2% this year.

Earlier, GAIL India stock opened flat at Rs 110.65 today. Total 13.20 lakh shares of the firm changed hands amounting to a turnover of Rs 14.19 crore on BSE.

In terms of technicals, the relative strength index (RSI) of GAIL stands at 56, signaling neither the stock is overbought nor oversold. The stock has a one-year beta of 0.6, indicating very low volatility during the period. GAIL India shares trade higher than the 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

 Sales rose 21.8% to Rs 32,858.20 crore in Q4 against Rs 26,968.21 crore in March 2022 quarter. On a sequential basis, the profit surged 145.6 per cent while revenue slipped 7.12 per cent

Total income for the quarter under review rose to Rs 33,875.39 crore, down 6 per cent from Rs 36,069 crore in the March quarter.

Total income climbed 23.6 per cent from Rs 27,391.71 crore logged in the year-ago period. Basic earnings per share (EPS) stood at Rs 0.92 at the end of the March 2023 quarter against Rs 0.37 in the December quarter and Rs 4.03 in the corresponding quarter of the previous fiscal.