Wednesday, September 28, 2022

GAIL net profit drops by 17% in Q2 FY2019-20 q-o-q

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New Delhi: GAIL (India) Limited has posted a 17.39 percent decline in Profit after Tax (PAT) at Rs 1,064 crores in Q2 FY20 as against Rs 1,288 crores in the Q1 FY20. Profit Before Tax (PBT) stood at Rs 1,535 crores in Q2 FY20 as against Rs 1,981 crores in Q1 FY20.

GAIL Q2 gross turnover slips marginally

“The improved physical performance in Q2 helped the company in maintaining its Gross Turnover at Rs 18,010 crores as against Rs 18,276 crores in Q1 FY20. The physical performance has improved in Petrochem, LPG transmission, LHC and Gas transmission segments by 59 percent, 21 percent, 11 percent and 3 percent, respectively, as compared to Q1 of FY20. The market prices of petrochemicals and LHC declined by 8 percent and 25 percent, respectively, coupled with lower gas prices in international market which adversely impacted the profits of the company in Q2 as compared to Q1 FY20,” a press release said.

H1 figures

On half yearly basis, GAIL’s gross turnover stood at Rs 36,286 crores in HI 2019-20 as against Rs 36,358 crores in FY 2018-19. PAT was at Rs 2,352 crores in the current half year as against Rs 3,222 crores in H1 2018-19. On consolidated basis, gross sales stood at Rs 36,662 crores in H1 FY20 as against Rs 36,708 crores in H1 FY19. PAT was at Rs 2,671 crores in H1 FY20 as against Rs 3,232 crores in H1 FY19.

‘GAIL’s physical performance has been better’

Dr Ashutosh Karnatak, Chairman & Managing Director, GAIL stated that company’s physical performance in Q2 FY20 has been better due to operational efficiency as against Q1 FY20. “The petrochemical plant is running at more than 100 percent capacity. Further, the volume of gas transmission is also showing upward trend in a direction to create gas-based economy in the country. However, lower prices of Petrochemicals and Liquid Hydrocarbon (LHC), which are determined by international prices, have impacted the profit adversely,” he said.

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