NEW DELHI: State-run gas utility GAIL has posted a net profit of Rs 1,240 crore in the quarter ended September, marking more than 16% increase from Rs 1,064 crore in the year-ago period on the back of growth in all segments of the company’s business.
The rebound in business segments was evident from turnover rising 13 per cent to Rs 13,644 crore in the period under review from Rs 12,060 crore in the June quarter. On a year-on-year basis, however, the turnover is still 24 per cent down due to the drag effect of the Covid lockdown.
As unlock began and economic activity picked up, gas transmission business improved by 18 per cent, LPG transmission by 10 per cent, petrochemical sales by 22 per cent and liquid hydrocarbons sales by 12 cent.
The company’s petrochemical plant’s operation is back to normal, with production jumping by 65% to 221 TMT (thousand metric tonne) against 134 TMT in the June quarter. As a result, the profitability of the segment reached Rs 170 crore in the quarter under review on better physical performance and price realization.
A company statement on Tuesday quoted chairman Manoj Jainas saying the company’s plants and pipelines have achieved pre-COVID level of performance.
