State-owned GAIL India has posted a consolidated net profit of INR 1,068.16 crore in the quarter ended September 2020, down by about 8.5% from INR 1,167.58 crore in the corresponding period last year.

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GAIL’s Net Profit Slips 8.5% in Q2, Petrochemicals Output Surpasses
Q1 Levels
State-owned GAIL India has posted a consolidated net profit of INR 1,068.16 crore
in the quarter ended September 2020, down by about 8.5% from INR 1,167.58
crore in the corresponding period last year. Overall turnover slipped by 23.7% to
INR 14,104.80 crore owing to lower gas prices during the quarter. GAIL
highlighted about 18% cent improvement in its physical performance by
transporting natural gas, 9% in gas marketing, 10% in LPG transmission, 22% in
petrochemical sales and 12% in Liquid Hydrocarbon Sales, compared to Q1FY21.
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https://www.chemanalyst.com/NewsAndDeals/NewsDetails/gails-net-profit-
slips-85-in-q2-petrochemicals-output-surpasses-q1-levels-3404
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The company’s petrochemicals business has witnessed a major upswing with
plants operating back to normal levels, registering rise in industrial output by
65 per cent to 221 Thousand Metric Tonnes (TMT) as against 134 TMT in Q1
FY21. As per the details revealed by the company’s Chairman & Managing
Director, Manoj Jain, the GAIL’s plants and pipelines have gained traction to
pre-COVID levels in terms of operations. He further mentioned that although
the company’s capex during the first quarter was negatively affected during
the lockdown, it is speeding up its work on the ongoing project to recoup for
the incurred losses. During the April-Sep period, the company received 41
LNG cargoes from the US with 15 being traded overseas and the rest coming
to India. The company anticipates that the period between October 2020 to
March 2021 would be much better than the initial six months of FY21 for its
LNG trading business.
ChemAnalyst anticipates that quick revival in the Natural gas demand with
resumption in industrial operations would pave the way for company’s
improved financials. With Indian companies actively engaged with Russia in
the exploration and production of natural gas, the market outlook stays robust
in the near term.
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