NEW DELHI: Gas utility GAIL’s net profit plunged 80% to Rs 256 crore in the first quarter of the fiscal from Rs 1,288 crore in the year-ago period, mainly due to the countrywide lockdown’s impact and subdued prices of petrochemicals, liquid hydrocarbons and natural gas. The consolidated net profit as a group also declined 56% to Rs 654 crore in the period under review from Rs 1,052 crore a year ago.
According to company chairman Manoj Jain, the physical performance has picked up significantly in all segments with the easing of curbs and the company is presently operating at near pre-lockdown levels. Capex, which was hit during the lockdown, is expected to improve significantly during the remaining quarters.
Lower realisation and sales pulled down turnover by 34% to Rs 12,060 crore from Rs 18,276 crore in the previous correspondng period. Group turnover too declined to Rs 12,152 crore from Rs 18,445 crore in the year-ago period.
