GAIL Q1 net profit tanks 80 pc to Rs 255.51 cr

GAIL (India) Limited recorded a turnover of Rs. 12,060 crore, Profit before Tax (PBT) of Rs. 356 crore and Profit after Tax (PAT) of Rs. 256 crore for the Q1 FY21 as against Rs. 18,276 crore, Rs. 1,981 crore and Rs. 1,288 crore respectively in Q1 FY20.

The sharp decline in financial performance is mainly attributable to significant impact in physical performance due to nation-wide lockdown during the earlier part of the quarter coupled with lower price realization in Petrochemicals, Liquid Hydrocarbons and Natural Gas.

During the quarter, Natural Gas Transmission and Marketing volume stood at 90.22 MMSCMD and 81.16 MMSCMD as against 105.41 MMSCMD and 96.55 MMSCMD respectively in Q1 FY20, Petrochemical Sales and Liquid Hydrocarbon Sales stood at 183 TMT and 265 TMT as against 136 TMT and 296 TMT respectively during Q1 FY20 .

During the quarter, the consolidated group turnover stood at Rs. 12,152 crore as against Rs. 18,445 crore in Q1 FY20 while the groups PAT stood at Rs. 654 crore as against Rs. 1,502 crore in Q1 FY20.

Mr. Manoj Jain, CMD GAIL said that with gradual relaxation of lockdown and increase in economic activities, the physical performance of the company has picked up significantly in all segments and the company is presently operating at near pre-lockdown levels. He further added that though the Capex during the 1st quarter was affected due to lockdown, GAIL expects to significantly improve Capex during remaining quarters.

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