GAIL India registered 12.93 per cent year-on-year growth in consolidated net profit at Rs 2,029.51 crore in Q3 of FY20 against Rs 1,797.04 crore in Q2, primarily due to better margins in gas marketing and liquid hydrocarbons (LHC).
During the quarter, the company saw the volume growth mainly in gas transmission, gas trading, LPG transmission, and LHC businesses, neutralising the drag in prices of Petrochemicals and Natural Gas.
The company has also declared an interim dividend of 64 per cent for the financial year FY20 at Rs 6.40 per equity share. On a standalone basis, the company's net profit fell 25.61 per cent to Rs 1,250.65 crore. The overall revenue also dipped 10.21 per cent to Rs 17,768 crore. Ashutosh Karnatak, GAIL Chairman and Managing Director, said the company had been able to achieve growth in profit in Q3 despite a significant decline in petrochemicals prices.
"This has been due to better operational efficiency and physical performance in comparison to Q2 accompanied by an increased capacity utilisation of the petrochemical unit at Pata, over 100 per cent."
He added GAIL was in sync with the Centre's vision of expanding the share of natural gas to 15 per cent in the energy basket in India.