GAIL’s profit doubles to ₹3,780 crore in December quarter
Premium- The company recorded its highest-ever quarterly revenue from operations and net profit
NEW DELHI : State run GAIL (India) Ltd on Thursday reported a two-fold increase in its consolidated net profit for the quarter ended December at ₹3,780.78 crore.
Manoj Jain, Chairman & Managing Director, GAIL said that the company recorded its highest-ever quarterly revenue from operations and net profit.
During the corresponding period of the last fiscal (FY21), the company had recorded a consolidated net profit of ₹1,883.61 crore.
Its revenue from operations during the period under review stood at ₹26,175.60 crore, 67% higher than ₹15,675.40 crore earned in the year ago period.
In a statement, the company said that the company witnessed a robust financial performance in the third quarter of financial year 2021-22 on account of improved gas marketing spread, better product prices and improved operating efficiency in petrochemicals and liquid hydrocarbons.
The CMD said that during the nine-month period ended on December 31, 2021, GAIL has already surpassed the highest ever profit after tax achieved in any of the previous financial years.
GAIL has incurred a capex of ₹5,034 crore mainly on pipelines, petrochemicals, equity to joint venture among others.
He further stated that GAIL has acquired 26% stake from ILF&S in ONGC Tripura Power Company. The acquisition would be synergetic and enable GAIL to stronghold its presence in north eastern region of the country.
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He also said that GAIL has commissioned India's first-of-its-kind pilot project for mixing hydrogen into city gas distribution network of AGL at Indore, Madhya Pradesh.
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