GAIL (India) advanced 2.31% to Rs 150.30 after the company's consolidated net profit soared 100.31% to Rs 380 crore on a 66.98% surge in revenue from operations to Rs 2,617.56 crore in Q3 December 2021 over Q3 December 2020.
Consolidated profit before tax (PBT) surged 105.46% to Rs 481.98 crore in Q3 FY22 from Rs 234.58 crore in Q3 FY21.
GAIL (India) has recorded a good financial performance in the third quarter of FY2021-22 on account of improved gas marketing spread, better product prices and improved operating efficiency in petrochemicals and liquid hydrocarbons.
Manoj Jain, the chairman and managing director (MD) of GAIL, informed that this is the highest ever quarterly revenue from operations, PBT and PAT of the company. In fact, during the 9 month period ended on 31 December 2021, GAIL has already surpassed the highest ever PAT achieved in any of the previous financial years. GAIL has incurred a capex of Rs 5,034 crore mainly on pipelines, petrochemicals, equity to JVs, etc.
Mr Jain 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 East region of the country. He further added 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, this project marks the stepping stone of India's journey towards a hydrogen based and carbon-neutral future.
GAIL (India) is an integrated energy company in the hydrocarbon sector and is engaged in gas marketing. The Government of India held 51.80% stake in the company as of 31 December 2021.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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