Manoj Jain, CMD of GAIL said that the PSU’s plants and pipelines have achieved pre-COVID level of performance
GAIL (India) Limited recorded 13% increase in Turnover 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 financial performance of the company 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 increase in the profit as compared to Q1 FY21. The Physical Performance improved by 18% in Natural Gas Transmission, 9% in Gas Marketing, 10% in LPG Transmission, 22% in Petrochemical Sales and 12% in Liquid Hydrocarbon Sales.
GAIL’s Petrochemical business has seen a major turnaround. The plant is operating back to normal levels with jump in production by 65% 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 Quarter-to-Quarter basis, the 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.
On half-yearly basis, GAIL recorded 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 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.
Mr. Manoj Jain, Chairman & Managing Director, GAIL said that the company’s plants and pipelines have achieved pre-COVID level of performance. He further added that though the Capex during the 1st 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.