GAIL gains on Rs 63,000-crore supply contract with BPCL

The company reported an 87 percent surge in consolidated net profit in the September quarter at Rs 2,442 crore against Rs 1,305 crore in the year-ago period

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GAIL India share price added a percent in the early trade on November 2 after the company signed an agreement with Bharat Petroleum Corporation Limited (BPCL) for a 15-year supply of propane for its upcoming petrochemical plant in Maharashtra. The estimated value of the contract is over Rs 63,000 crore.

At 9.22 am, GAIL India was quoting at Rs 119.10, up Rs 1.40, or 1.19 percent and Bharat Petroleum Corporation was quoting at Rs 357.50, up Rs 0.60, or 0.17 percent on the BSE.

GAIL will be procuring 600 KTPA of Propane from BPCL’s LPG import facility at Uran, which is presently capable of handling 1 MMTP A of LPG imports and is undergoing expansion to accommodate 3 MMTP A of propane and butane imports.

GAIL’s propane dehydrogenation-polypropylene (PDH-PP) project in Usar will be India’s first propane dehydrogenation plant, which is likely to commence operations in 2025.

The PDH unit will boast a nameplate capacity of 500 KTP A, with propylene production seamlessly integrated into a polypropylene (PP) plant of equal capacity.

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Gail has reported an 87 percent surge in consolidated net profit in the September quarter at Rs 2,442 crore against Rs 1,305 crore in the year-ago period. Sequentially, net profit increased 36 percent from Rs 1,793 crore in the quarter ended June 2023.

Revenue stood at Rs 33,050 crore, down from Rs 38,729 crore in the year-ago period.

Broking house Prabhudas Lilladher has maintained “buy” rating on the stock with a target price of Rs 139.