The company incurred a pre-tax loss of Rs 545.46 crore on the marketing of natural gas in the first quarter of 2020-21 as compared to a pre-tax profit of Rs 850.48 crore in the previous year.
New Delhi (Natural Energy News): Gas-owned state-run GAIL India Ltd reported an 80 per cent drop in its June quarter profit on Thursday as it incurred losses on the marketing of natural gas and petrochemicals. Standalone net profit was Rs 255.51 crore or Rs 0.57 per share in April-June, down 80.1 percent at Rs 1,287.53 crore, or Rs 2.85 per share, compared to a net profit a year earlier. Regulatory filing.
"The crucial effect in physical performance during the first half of the quarter coupled with lower tariff completion in liquid hydrocarbons, natural gas and petrochemicals lead to an intense decrease in the economic graph." the latter said in an announcement.
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The company suffered a pre-tax loss of Rs 545.46 crore on marketing of natural gas in the first quarter of 2020-21 as compared to a pre-tax profit of Rs 850.48 crore in the previous year. Revenue from natural gas marketing also fell by 39 per cent to Rs 9,443.72 crore as fuel shut down due to closure of industries.
While profit before tax on gas transmission business fell by 16 per cent, the loss on petrochemical business came down to Rs 154.43 crore.
Total revenue from operations of Rs 12,087.46 crore was lower than the revenue of 18,311.46 crores in Q1 of 2019-20.
Gail said, "During the quarter, natural gas dispatch and trade quantity was 90.22 million standard cubic meters per day (mmscmd) and 81.16 mmscmd, compared to 105.41 mmscmd and 96.55 mmscmd in Q1.420."
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Petrochemical sales and liquid hydrocarbon sales were 183,000 tonnes and 265,000 tonnes, against 136,000 tonnes and 296,000 tonnes respectively during Q1 FY20.
During the quarter, the consolidated group had a turnover of Rs 12,180.62 crore, while Q1 FY20 was Rs 18,481.56 crore, while the group's profit after tax (PAT) was Rs 642.97 crore compared to Rs 1,503.67 crore in Q1 FY20.
GAIL Chairman and Managing Director, Manoj Jain said that with the gradual relaxation of lockdown and increase in economic activity, the company's physical performance has increased significantly in all sectors and the company is currently operating at pre-lockdown levels.
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He further stated that although the CAPEX was affected by the lockdown during the first quarter, Gayle expects the CAPEX to improve significantly during the rest of the quarter.
.JPG)
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