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State-run GAIL on Thursday reported a more than 100 per cent year-on-year growth in its consolidated net profit to ₹3,781 crore for the quarter ended December 31, 2021, on account of improved gas marketing spread, better product prices and improved operating efficiency in petrochemicals and liquid hydrocarbons.
The gas utility’s total consolidated revenue grew 67 per cent y-o-y to ₹26,597 crore against ₹15,900 crore in Q2 FY22, the company said in a regulatory filing to stock exchanges.
On a standalone basis, GAIL posted a 20 per cent sequential increase in revenue from operations at ₹25,776 crore in Q3 FY22 from ₹21,515 crore in Q2 FY22. Profit after Tax (PAT) increased by 15 per cent sequentially to ₹3,288 crore from ₹2,863 crore.
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GAIL CMD Manoj Jain informed that this is the highest-ever quarterly revenue from operations and PAT of the company. In fact, during the nine month-period ended December 31, 2021, the PSU already surpassed the highest ever PAT achieved in any previous financial year.
On a nine month basis, it achieved consolidated revenue from operations and PAT of ₹65,546 crore and ₹8,802 crore, respectively.
GAIL has incurred a capex of ₹5,034 crore mainly on pipelines, petrochemicals, equity to JVs, etc. Jain added that GAIL has acquired 26 per cent stake from ILF&S in ONGC Tripura Power Company. The acquisition would be synergetic and enable GAIL to stronghold its presence in the Northeast region of the country.
GAIL has also commissioned India’s first-of-its-kind pilot project for mixing hydrogen into City Gas Distribution (CGD) network of AGL at Indore, Madhya Pradesh. The project marks a stepping stone in India’s journey towards a hydrogen based and carbon-neutral future, Jain said.
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