In the first quarter of the financial year 2021, GAIL (India) Ltd. posted sharp declines in its financial performance due to the impact of the nationwide lockdown to limit the spread of coronavirus.
The company posted a turnover of INR12,060 crore (USD1.6 billion), Profit before Tax (PBT) at INR356 crore (USD47.7 million) and Profit after Tax (PAT) at INR256 crore (USD34.3 million).
In comparison, in the same period a year ago, the turnover was INR18,276 crore (USD2.4 billion), PBT was INR1,981 crore (USD265.4 million), and PAT was INR1,288 crore (USD172.5 million).
In the period, the volume of natural gas transmission and marketing was at 90.22 MMSCMD and 81.16 MMSCMD, from 105.41 MMSCMD and 96.55 MMSCMD respectively in the year-ago period
Petrochemical sales were at 183 TMT from 136 TMT, while the liquid hydrocarbon sales were 265 TMT, down from 296 TMT.
The consolidated group turnover also declined from INR18,445 crore (USD2.47 billion) in the first quarter of FY2020 to INR12,152 crore (USD1.6 billion). The group’s PAT also fell significantly to INR654 crore (USD87.6 million) from INR1,502 crore (USD201.2 million).
GAIL CMD Manoj Jain said that the physical performance in all segments has improved noticeably in all segments and now it is operating close to pre-lockdown levels as the lockdown has been gradually eased which strengthened economic activities.
The company’s remaining CAPEX in the remaining quarters of FY2021 is expected to be significantly improved, even when the first quarter was harmed by the lockdown.
