Shares of Gail India were trading 1.5% above on 31 October after the company announced its quarterly earnings for July-September. During the early trading hours, the shares were trading 2% below and reached an intra-day low of Rs 116.15 before the company announced its quarterly earnings.

The company reported an 87% year-on-year (YoY) increase in its consolidated net profit at Rs 2,442 crore for the quarter under review against Rs 1,305 crore reported in the same quarter of the previous fiscal year.

However, the revenue from operations saw a decline to Rs 33,050 crore during the quarter against Rs 38,729 crore reported in the same quarter of the previous fiscal year.

During Q2FY24, the natural gas transmission value stood at 120.31 million metric standard cubic metres per day (MMSCMD) from 116.33 MMSCMD recorded in Q1FY24.

The gas marketing volume stood at 96.96 MMSCMD against 98.84 MMSCMD reported in the previous quarter of the same fiscal year.

Sandeep Kumar Gupta, Chairman & Managing Director, said that the company performed well during the quarter, especially in the gas transmission segment, which continues to perform better.

The company also incurred a capital expenditure of Rs 4,853 crore during the first half of the current fiscal year, majorly on pipelines, equity to joint ventures, petrochemicals, and much more.

At 3:30 pm, the shares of Gail closed 0.97% above at Rs 119.85 on NSE.