GAIL Q4 net jumps 170%, expects gas volumes lost in lockdown to return soon
State-owned gas utility GAIL India Ltd on Wednesday reported a 170 per cent jump in its fourth-quarter net profit, as lower corporate tax rate offset lower petrochemical and natural gas prices.
Net profit in January-March 2020 at Rs 3,018.20 crore, or Rs 6.69 per share, was 169 per cent higher than Rs 1,122.23 crore, or Rs 2.49 a share, net profit in the corresponding quarter a year ago, GAIL Chairman and Managing Director Manoj Jain told reporters here.
Jain said the company opted for lower corporate tax rates offered by the Government to firms willing to forego exemptions.
The lower tax rate offset a dip in petrochemical, liquid hydrocarbon and natural gas prices. Besides, leading to a dip in energy prices, the outbreak of the coronavirus pandemic and the ensuing lockdown to contain its spread also evaporated demand after industries shut down.
