GAIL India's share price rose more than 5% to a 52-week high in early trading Wednesday after the country's largest gas distributor posted solid Q1 earnings that topped street expectations. GAIL shares rose 5.43% to ₹246.35 on the BSE.

In the first quarter of FY25, GAIL (India) reported a consolidated net profit of ₹3,183.35 crore, up 77.5% from the previous year's ₹1,792.99 crore. This increase was due to increased gas transmission volumes, domestic natural gas marketing volume, and improved natural gas marketing margins.

In Q1FY25, revenue from operations climbed slightly to ₹34,821.89 crore from ₹32,848.78 crore year on year.

According to Sandeep Kumar Gupta, Chairman & Managing Director of GAIL, the business spent around ₹1,659 crore in the current quarter on pipelines, petrochemicals, equity in joint ventures, and other projects, accounting for 21% of the annual objective of ₹8,044 crore.

In the June quarter, GAIL India's EBIT from the natural gas transmission business increased by 47.3% to ₹1,446.87 crore, up from ₹982.45 crore in March. YoY, the revenue increased by 40% from ₹1,028.33 crore.

The EBIT for the Natural Gas Marketing sector increased to ₹2,036.13 crore from ₹1,507.65 crore in the previous quarter. The Petchem sector posted an EBIT loss of ₹49.31 crore compared to ₹533.41 crore QoQ and ₹301.75 crore YoY.

Citi and UBS have rated GAIL India shares as 'Buy', with a target price of ₹250 each.

GAIL India's stock price has gained more than 10% in one month and more than 17% in three months. The stock has returned over 51% year to date (YTD) and over 105% in a single year.

At 9:50 am, GAIL India shares were up 4.94% to ₹245.20 on the BSE.