Q2FY21: GAIL registered PAT of Rs 1,239 crore in second quarter of FY21

• GAIL result in Q2FY21 shows improvement as against the first quarter of the current financial year

• Profit after Tax (PAT) of the company increased to Rs 1,239 crore in Q2 vis-a-vis Rs. 256 crore in Q1 FY21

New Delhi: GAIL (India) Limited has recorded 13 percent increase in turnover in the second quarter of the current financial year (Q2 FY21) to Rs 13,611 crore vis-a-vis Rs 12,060 crore in Q1 FY21 while Profit before Tax (PBT) increased to Rs 1,551 crore as against Rs 356 crore in Q1 FY21. The Profit after Tax (PAT) increased to Rs 1,239 crore in Q2 vis-a-vis Rs. 256 crore in Q1 FY21.

Both physical, as well as the financial performance of the company, have improved across all major segments in Q2. After relaxations in the lockdown imposed due to pandemic COVID-19 in Q1 and with the resumption of economic activities, the volumes picked up in all segments of the company to normal levels in Q2 FY21 resulting in an increase in the profit as compared to Q1 FY21. The physical performance improved by 18 percent in natural gas transmission, 9 percent in gas marketing, 10 percent in LPG transmission, 22 percent in petrochemical sales and 12 percent in liquid hydrocarbon sales.

GAIL's Petrochemical business has seen a major turnaround. The plant is operating back to normal levels with a jump in production by 65 percent to 221 TMT as against 134 TMT in Q1 of FY21. On account of better physical performance and price realization, the profitability of the segment has reached Rs 170 crore during Q2 FY21.
On a quarter-to-quarter basis, the Profit before Tax (PBT) has increased to Rs 1,551 crore in Q2 FY21 from Rs 1,535 crore in Q2 FY20 and PAT has increased to Rs 1,239 crore from Rs 1,064 crore.

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On a half-yearly basis, GAIL recorded a turnover of Rs 25,671 crore in H1 FY21 as against Rs 36,286 crore in H1 FY20 and PAT of Rs 1,495 crore in the current half-year as against Rs 2,352 crore in H1 FY20.

During the quarter, the group's consolidated turnover stood at Rs 13,774 crore as against Rs 12,152 crore in Q1 FY21 while the group's PAT stood at Rs 1,068 crore as against Rs 643 crore in Q1 FY21.

Commenting on the company's performance GAIL's Chairman & Managing Director (CMD) Manoj Jain said that the company's plants and pipelines have achieved a pre-COVID level of performance. He further added that though the Capex during the first quarter was affected due to lockdown, GAIL has moved swiftly to make up for the lost time and is trying to accelerate the progress in its ongoing projects.

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