GAIL (India) Ltd has reported a consolidated net profit of ₹1,897.04 crore for Q3 FY21, 6.5 per cent lower than the Q3 FY20 numbers. Total income was ₹15,899.85 crore, 12 per cent lower year-on-year.
The firm’s natural gas marketing segment, which contributes the largest share to revenue, was the worst hit, recording a net loss of ₹157.94 crore, as opposed to a net profit of ₹452.64 crore in the previous-year period. While gas demand continued to struggle in Q3, the commissioning of the 450-km Kochi-Mangaluru section of the KKMB pipeline in January, and the 348-km Dobhi-Durgapur section of the JHBD pipeline this month, “will not only increase customers but also lead to growth in gas marketing and transmission,” Manoj Jain, CMD, said in a statement.
The GAIL board, in its meeting held on January 15, had declared an interim dividend of ₹2.50 per equity share (face value of ₹10 each), amounting to ₹1,127.54 crore.
The board had also approved buyback not exceeding 6,97,56,641 fully paid-up equity shares at ₹150 apiece, for an aggregate consideration not exceeding ₹1,046.35 crore, excluding applicable taxes.
For the nine month period ended December, consolidated net profit was ₹3,608.18 crore, 23 per cent lower YoY. Total income was ₹42,624.77 crore, 23 per cent lower YoY.