Companies

GAIL (India) profit plunges to ₹643 crore in Q1

Our Bureau New Delhi | Updated on August 13, 2020

The logo of Gail (India) Ltd   -  REUTERS

Total income falls to ₹12,339 crore due to Covid-led lockdown

GAIL (India) Limited has reported a ₹642.97-crore consolidated net profit in the first quarter of financial year 2020-21. This is less than half the ₹1,503.67 crore bottomline reported in the same quarter of the previous financial year.

The fall in profits is attributed to lower sales amidst Covid-led lockdowns. “The sharp decline in financial performance is mainly attributable to significant impact in physical performance due to nationwide lockdown during the earlier part of the quarter coupled with lower price realisation in petrochemicals, liquid hydrocarbons and natural gas,” a company statement said.

Consolidated total income stood at ₹12,339.12 crore during the period under review, also down from ₹18,641.15 crore in the comparable period of the previous fiscal.

Commenting on the results, Manoj Jain, Chairman and Managing Director at GAIL, said, “With gradual relaxation of lockdown and increase in economic activities, the physical performance of the company has picked up significantly in all segments and the company is presently operating at near pre-lockdown levels.”

Shares of the company closed 0.56 per cent lower to ₹97.50 a scrip during trade on Thursday.

Published on August 13, 2020

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