PSU Watch logo

| Hydrogen has the potential to empower the energy transition in India: Dr VK Saraswat |   | BHEL establishes new record with India’s highest-rated autotransformer |   | FM asks PSUs to achieve 75% target of their CAPEX by Q3 and more than 100% by Q4 |   | India's foreign exchange reserves rise by over $2.5 bn |   | India officially enters recession, but contraction in Q2FY21 GDP recedes: Roundup |   | India's Apr-Oct fiscal deficit at around 120% of budgeted target |  

GAIL posts 33% jump in profits on year-on-year basis in Q3

GAIL’s Profit before Tax (PBT) for the third quarter increased by 35 percent to Rs 2,507 crore against Rs 1,858 crore in the corresponding quarter of the last fiscal

GAIL posts 33% jump in profits on year-on-year basis in Q3

New Delhi: State-owned gas major, Gas Authority of India Limited (GAIL) registered a 33 percent increase in Profit after Tax (PAT) in the third quarter of Financial Year 2018-19, as against the corresponding quarter in the last fiscal mainly due to better performance by Natural Gas (NG) Marketing, NG Transmission, Liquid Hydrocarbon (LHC) and LPG Transmission Segments. The company’s PAT for the quarter ending December 31, 2018, rose to Rs 1,681 crore from Rs 1,262 crore in the corresponding quarter of the last fiscal.

GAIL’s Profit before Tax (PBT) for the third quarter increased by 35 percent to Rs 2,507 crore against Rs 1,858 crore in the corresponding quarter of the last fiscal. The increase in net profit in Q3 FY 2018-19 on year-on-year basis, was supported by an increase in Natural Gas Marketing volumes by 9 percent, LPG Transmission volumes by 11 percent and Liquid Hydrocarbon Sales by 5 percent. On nine months basis, GAIL’s PAT is Rs 4,903 crore, signifying an increase by 36 percent against the corresponding period of FY 2017-18.

CMD BC Tripathi said GAIL is expected to achieve capital expenditure outlay of around Rs 7,000 crore during 2018-19 which is more than 70% increase from last year. The first phase of prestigious Pradhan Mantri Urja Ganga project will be completed by the end of this month

BC Tripathi, Chairman & Managing Director, GAIL, said that in the third quarter, the LHC Segments performed remarkably better than the last quarter due to better margin in the segment. However, the margins in Natural Gas Trading and Petrochemical segments were under pressure in the quarter. Further on the nine-month basis, the PAT of the company has already surpassed the yearly PAT of the last fiscal supported by better physical performance in all the business segments. Tripathi informed that GAIL’s petrochemical unit at Pata has scripted history by being the first in India to produce the value-added Metellocene film grade. Country-wide sales have commenced to quality-conscious customers after successful field trials.

This move of GAIL would not just provide domestic consumers of a reliable and indigenous supply source but shall help potential forex savings of over US$100 million annually for India, as per initial estimates. He said GAIL is expected to achieve capital expenditure outlay of around Rs 7,000 crore during 2018-19 which is more than 70% increase from last year. The first phase of prestigious Pradhan Mantri Urja Ganga project will be completed by the end of this month. The Company had also declared an interim dividend of Rs 6.25 per equity share (face value of Rs. 10 each) for the financial year FY 2018-19.