According to a company official quoted by Reuters, the state-run natural gas distributor GAIL (India) Ltd plans to secure 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis.
According to the article, GAIL's marketing director Sanjay Kumar stated at the Gastech business conference on Thursday in Singapore that the remaining LNG will be purchased through long-term contracts.
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According to the story, he also claimed that the business would use spot markets to address seasonal demand or volatility.
In the meantime, GAIL (India) recorded a 45% decrease in consolidated net profit for the three months ended June 2023, coming in at $1,793 crore as opposed to $3,250 crore in the same period previous year.
The state-run gas distributor's operational revenue in Q1FY24 decreased 13% to 32,848 crore from 37,942 crore in the corresponding quarter last year.
Read this: Results for GAIL's first quarter show a 45% decline in net profit and a 13% YoY decline in revenue.
Natural gas transmission volume increased by 7% to 116.33 million metric standard cubic meters per day (MMSCMD) in the April–June 2023 quarter from 108.23 MMSCMD in the March quarter.
Gas marketing volume at GAIL climbed 2% from the previous quarter to 98.84 MMSCMD.
The share price of GAIL India has increased by more than 30% so far in 2018. The stock has increased by more than 9% in the past week and by over 19% over the past three months.
