City
Epaper

GAIL net profit jumps 498% to Rs 1,530 cr in Q1 FY 22

By IANS | Published: August 05, 2021 6:18 PM

New Delhi, Aug 5 Gas transmission utility GAIL (India) has reported a big jump in its profitability during ...

Open in App

New Delhi, Aug 5 Gas transmission utility GAIL (India) has reported a big jump in its profitability during the first quarter of current financial year, on the back of overall improvement in operational parameters with higher margins in gas marketing and better physical performance in natural gas marketing and transmission.

The company's net profit jumped 498 per cent in Q1 FY22 to Rs 1,530 crore from Covid affected profit of mere Rs 256 crore in the same period of previous year.

In the April-June quarter, GAIL recorded turnover of Rs 17,352, a growth of 44 per cent over Rs 12,060 crore turnover reported in Q1 FY21.

The increase in the profits is mainly attributable to better physical performance in natural gas marketing and transmission, improved margins in gas marketing due to favourable market conditions and better price realisation in petrochemicals and liquid hydrocarbons, the company said in a statement.

During the quarter, natural gas transmission and natural gas marketing volume increased by 19 per cent and 18 per cent, respectively as compared with corresponding quarter in previous year. The volume growth was due to normalcy of the business activities as against nationwide lockdown during Q1 FY21.

During the quarter, the consolidated group turnover stood at Rs 17,551 crore as against Rs 12,152 crore in Q1 FY21. The group's PBT and PAT stood at Rs 2,540 crore and Rs 2,138 crore, respectively, as against Rs 729 crore and Rs 654 crore, respectively, in Q1 FY21.

GAIL Chairman & Managing Director, Manoj Jain stated that the company is focussed on development of the national gas grid and currently GAIL, along with its JVs, is executing pipeline projects of around 8,000 km with investment of around Rs 38,000 crore.

GAIL is also expanding polypropylene production capacity by setting up 500 KTA PDHPP Unit at Usar (Maharashtra) and 60 KTA PP unit at Pata (Uttar Pradesh) with an approximate investment of Rs 10,000 crore. During the current financial year, GAIL has a capex plan of Rs 6,600 crore. Jain further added that GAIL is exploring possibilities for expanding its footprint in renewables.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: PatnaKta ppManoj jainNew DelhiGailThe new delhi municipal councilDelhi south-west
Open in App

Related Stories

NationalNew Delhi: Gogi Gang Member Stabbed in Tihar Jail, Fir Lodged

NationalNew Delhi: Fire Breaks Out at Eye Hospital in Lajpat Nagar

NationalLok Sabha Elections Results 2024: BJP Prepares for Post-Victory Celebrations with Roadshow from PM's Residence to Party Office

NationalNew Delhi Railway Station Alert: Suspected Objects Found in Garbage Area, No Explosive Threat Detected, Police Says

NationalNew Delhi: 22-Year-Old Wanted ‘Lady Don’ Arrested by Delhi Police

International Realted Stories

InternationalCOP28 President welcomes G7 Apulia Leaders' Communique support of commitments made in UAE Consensus

InternationalIndian pilgrims gather at Mount Arafat for Haj: Indian envoy to Saudi

InternationalUAE President inquires about wellbeing of UAE pilgrims in phone call with Head of Pilgrims' Affairs Office

InternationalUS designates neo-Nazi Nordic group as global terrorists

InternationalEight Israeli soldiers killed in Rafah explosion, IDF confirms