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GAIL FY20 profit rises 45% to Rs 9,514 crore

In Q4FY20, GAIL recorded 215.92 per cent on-year growth in consolidated net profit at Rs 4,813.88 crore

twitter-logoBusinessToday.In | June 24, 2020 | Updated 14:42 IST
GAIL FY20 profit rises 45% to Rs 9,514 crore
GAIL India

GAIL (India) Limited on Wednesday reported a 45.2 per cent rise in consolidated net profit at Rs 9,514.64 crore for FY20 as against Rs 6,552.77 crore in FY19. Consolidated revenue of the company fell 5.05 per cent YoY to Rs 72,567.70 crore in Q4FY20, GAIL said in an exchange filing.

In Q4FY20, GAIL recorded 215.92 per cent on-year growth in consolidated net profit at Rs 4,813.88 crore. The quarterly profit more than doubled due to a deferred tax reversal. It had reported a net profit of Rs 1,523.73 crore in the corresponding period last year. The consolidated revenue of the company fell 5.97 per cent YoY to Rs 17,938.08 crore in Q4FY20. The state-owned natural gas distributor received a tax credit of Rs 1,215.18 crore during the given quarter. In standalone terms, the company's net profit jumped 169 per cent on-year to Rs 3,018.20 crore in Q4.

The company's margin also expanded to 13.9 per cent, supported by lower expenses and employee costs.

Natural gas segment's revenue rose to Rs 1,554.2 crore in FY20 compared to last fiscal. The natural gas marketing segment also surged to Rs 71,211.96 crore. LPG and liquid hydrocarbons division reported a fall in revenue at Rs 4,233.71crore. Petrochemicals revenue fell to Rs 5,432.13 crore.

Shares of GAIL were trading at Rs 101.50, up 2.25 points, or 2.27 per cent on NSE at the time of reporting.

Also read: RIL deal: Mukesh Ambani closes in on $15 billion-agreement with Saudi Aramco

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