Gail net profit dips 8.5% to Rs 1,068 in Q2, revenue drops 24.3%
State-run GAIL (India) has posted a consolidated net profit of Rs 1,068.16 crore for the second quarter of the financial year ended September, down 8.5 per cent from Rs 1,167.58 crore during the same period last year.
The company’s revenue from operations dropped by 24.3 per cent to Rs 13,809.86 crore during the July to September period of 2020-21, down from Rs 18,249.90 crore a year before.
The company said in a statement that both physical, as well as the financial performance of the company, improved across all major segments in the second quarter. After relaxations in the lockdown imposed due to pandemic Covid-19 in the first quarter and with the resumption of economic activities, the volumes picked up in all segments of the company to normal levels in Q2 resulting in an increase in the profit as compared to Q1 FY21, it said.
