GAIL second quarter net profit down 35 per cent at Rs 1168 crore PSU NEWS

 

New Delhi: State-run natural gas utility GAIL India today posted a 35 per cent decline in its consolidated net profit for the second quarter ended September at Rs 1,504 crore. It had reported a consolidated net profit of Rs 1,789 crore in the same period last financial year. Revenue from operations also dropped 5.69 per cent to Rs 18,250 crore during the September quarter.
 
“The physical performance has improved in Petrochem, LPG transmission, LHC and Gas transmission segments by 59 per cent, 21 per cent, 11 per cent and 3 per cent respectively as compared to Q1 of FY20. The market prices of Petrochemicals and LHC declined by 8 per cent and 25 per cent respectively coupled with lower gas prices in international market which adversely impacted the profits of the company in the Q2 as compared to Q1 FY20,” the company said in a statement.GAIL’s profit before tax (PBT) during the second quarter from transmission of natural gas and LPG declined 7.88 per cent to Rs 884.12 crore, as compared to the corresponding quarter a year ago.
 
PBT during the quarter from natural gas marketing declined to Rs 241.72 crore, as compared to Rs 801 crore posted in the corresponding quarter a year ago. The company posted a loss before interest and tax of Rs 82.32 crore under its petrochemical business during the quarter, as compared to a PBT of Rs 167 crore posted in the corresponding quarter a year ago.
 
PBT from LPG and liquid hydrocarbons business declined to Rs 245 crore during the quarter, as compared to Rs 767 crore posted in the corresponding quarter a year ago. The company’s share price on the Bombay Stock Exchange (BSE) today stood at Rs 127.05 at 16:00 hours, down 3.86 per cent as compared to previous close.


Posted Date :  09-11-19

Categories : PSU NEWS

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