GAIL share price rose over 5% intraday in Thursday's volatile session after the company posted earnings better than estimates for the quarter ended March 2020. Company's net profit stood rose 210.52% to Rs 4,728.37 crore for the quarter ended March 2020 against Rs 1,522.73 crore in the quarter ended March 2019.
Following the result update, GAIL stock price opened with a gain of 2.61% and later touched an intraday high of Rs 106.9, rising 5.48% on BSE. The stock had settled at Rs 101.35 yesterday.
GAIL share price has gained over 8% in one week and 20% in one month.
GAIL share price trades higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages.
Net sales, however, fell 5.99% at Rs 17,922.79 crore in Q4FY20 against Rs 19,065.47 crore reported during Q4 FY19.
GAIL's earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 3,797.49 crore in March 2020 rising 47.75% compared to Rs 2,570.22 crore in March 2019.
For the financial year FY20, consolidated profit rose 6% to Rs 10,428.94 crore from Rs 9,831.19 crore YoY.
GAIL's consolidated revenue from operations fell 5% to Rs 72,567.7 crore in FY20 from Rs 76,234.1 crore in FY19.
Commenting on GAIL's Q4FY20 results, Yash Gupta, Equity Research Associate, Angel Broking said,"Gail India consolidated revenue from operations was down by 5.98% YoY as there was an adverse impact on gas transmission volumes and natural gas prices due to industry closures during the last week of March 2020. While Natural Gas Marketing revenue rose 6.5%, Petrochemicals segment revenue was down by 29%."
He added, "Petrochemicals business turnaround from negative EBIT of Rs 20 crores in Q4FY19 to EBIT of Rs 72.4 crores in Q4FY20. Natural Gas Marketing EBIT stood at Rs.1,076 crores up by 82.2%. Profit before tax rose 61.6% to Rs.3,598 crores, while Net profit for the quarter clmbed 216% YoY to Rs.4,813 crore due to one-time deferred tax adjustment of Rs.2,335 crore."