Petchem margins lift GAIL net 19%

NEW DELHI: State-owned gas utility GAIL (India) Ltd on Wednesday reported 19% rise in December quarter net profit after an uptick in petrochemical margin more than neutralised losses on gas marketing.

Net profit of Rs 1,487.33 crore, or Rs 3.30 a share, in October-December, was 19% more than Rs 1,250.65 crore, or Rs 2.77 per share, in the same period a year back, the company said in a statement.

The firm's petrochemical business swung into black with a pre-tax profit of Rs 434.08 crore in the third quarter of the current fiscal year as against a loss of Rs 8.51 crore in the same period of the previous year.

Natural gas marketing however went into red with a loss of Rs 73.70 crore as against a pre-tax profit of Rs 466.52 crore.

Gas transportation, the mainstay business of the company, was almost flat and so was its LPG and liquid hydrocarbons business.

GAIL recorded a 13% increase in turnover at Rs 15,386 crore.

"Both physical, as well as the financial performance of the company, improved further across all major segments in Q3 as compared to Q2 FY21," the statement said.

Natural gas transmission improved 4% quarter-onquarter, 8% in gas marketing, 3% in LPG transmission, 3% in petrochemical sales, and 8% in liquid hydrocarbon sales.

"GAIL's petrochemical performance improved further in Q3, and the plant is operating at more than 100% capacity," it said.