Profit before Tax (PBT) was at Rs 356 crore in Q1FY21 in comparison to Rs 1,981 crore in the June quarter of FY2019-20
Capex during the first quarter was also affected due to lockdown, but the GAIL CMD said that he expects the figure to improve significantly during remaining quarters
New Delhi: GAIL (India) Limited has posted a decline of 80 percent in Profit after Tax (PAT) for Q1 of FY2020-21 as the figure settled at Rs 256 crore as opposed to Rs 1,288 crore in the corresponding quarter of the previous financial year. Profit before Tax (PBT) was at Rs 356 crore in Q1FY21 in comparison to Rs 1,981 crore in the June quarter of FY2019-20. GAIL’s turnover plunged 34 percent to settle at Rs 12,060 crore in Q1 of FY2020-21 from Rs 18,276 crore in the June quarter of the year-ago period.
“The sharp decline in financial performance is mainly attributable to significant impact in physical performance due to nationwide lockdown during the earlier part of the quarter coupled with lower price realisation in Petrochemicals, Liquid Hydrocarbons and Natural Gas,” GAIL said in an official statement.
During the quarter, the consolidated group turnover stood at Rs 12,152 crore as against Rs 18,445 crore in Q1 FY20 while the group’s PAT stood at Rs 654 crore as against Rs 1,502 crore in Q1 FY20.
GAIL Q1 FY2020-21: Transmission and marketing volume
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, and Petrochemical Sales and Liquid Hydrocarbon Sales stood at 183 TMT and 265 TMT as against 136 TMT and 296 TMT respectively during Q1 FY20.
GAIL currently operating at near pre-lockdown levels: CMD
GAIL CMD Manoj Jain 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 added that though the Capex during the first quarter was affected due to lockdown, GAIL expects to significantly improve Capex during remaining quarters.
(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)