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GAIL India Q1 results: Profit falls 56% to Rs 654 crore, revenue dips 34%

GAIL (India) Limited on Thursday posted a 56 per cent fall in consolidated net profit at Rs 654.33 crore for April-June quarter of fiscal 2020-21

twitter-logoBusinessToday.In | August 13, 2020 | Updated 16:58 IST
GAIL India Q1 results: Profit falls 56% to Rs 654 crore, revenue dips 34%
GAIL's revenue from operations declined 34 per cent on-year to Rs 12,180.62 crore

GAIL (India) Limited on Thursday posted a 56 per cent fall in consolidated net profit at Rs 654.33 crore for April-June quarter of fiscal 2020-21 as against Rs 1,501.95 crore in the corresponding quarter last year. Revenue from operations declined 34 per cent on-year to Rs 12,180.62 crore, GAIL said in an exchange filing.

In terms of segments, the revenue of the gas distributor from natural gas marketing dipped 37.83 per cent on-year to Rs 11,635.38 crore. The revenue from petrochemicals stood at Rs 1,221.69 crore in this quarter. LPG revenue was down 11 per cent to Rs 153 crore.

During the quarter, Natural Gas Transmission and Marketing volume stood at 90.22 MMSCMD and 81.16 MMSCMD as against 105.41 MMSCMD and 96.55 MMSCMD respectively in QI FY20, Petrochemical Sales and Liquid Hydrocarbon Sales stood at 183 TMT and 265 TMT as against 136 TMT and 296 TMT respectively during QI FY20 .

"The COVID-19 pandemic globally and in India has impacted business in general and causing slowdown of economic activity. During the current quarter, the physical performance of the Parent Company was impacted due to nationwide lockdown. However, the same is expected to reach normal levels during the upcoming period in FY 2020-21. The Group has assessed the possible impact of COVID-19 in preparation of financial results based on the internal and external sources of information and expects no significant impact on the continuity of the business on long term basis,the useful life of the assets and overall financial position of the Group," the company added.

Shares of GAIL ended the intraday trade at Rs 97.30, down 0.75 points or 0.76 per cent on NSE.

GAIL is a government of India undertaking company. GAIL is the largest state-owned natural gas processing and distribution company in India.Also read: PM Modi unveils faceless tax scrutiny; faceless appeals service to start from Sept 25

Also read: PM Modi announces Taxpayer's Charter; what is it?

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