GAIL's Q3 PAT up by 18% to Rs 1,251 crore on quarterly basis
New Delhi: GAIL (India) Limited registered 18 per cent growth in Profit after Tax (PAT) in Q3 of FY20 to Rs. 1,251 crore as against Rs. 1,064 crore in Q2 FY20. Profit before Tax (PBT) witnessed a growth of 22 per cent at Rs 1,872 crore and Gross Margin witnessed a growth of 19 per cent at Rs. 2,385 crore.
The rise in profit is mainly due to better physical performance, better margins in Gas Marketing and LHC.
The company's turnover in the quarter was maintained at Rs. 17,735 crore as against Rs.18,010 crore in Q2 FY20 with volume growth mainly in Gas transmission, Gas Trading, LPG transmission, and LHC businesses neutralizing the drag in prices of Petrochemicals and Natural Gas.
In the nine-month period ended December 2019, Gross Sales of Rs 54,021 crore was recorded as against Rs 56,101 crore in the corresponding period of last year. PBT stood at Rs 5,388 crore against Rs 7,345 crore and PAT at Rs. 3,602 crore against Rs. 4,903 crore.
PBT and PAT witnessed a fall of 27 per cent mainly due to reduction in Petrochemical and LHC prices by around 22 per cent and 17 per cent respectively.
On a consolidated basis, Gross Sales stood at Rs 54,525 crore up to Q3 FY20 as against Rs 56,892 crore up to Q3 FY19. PAT was Rs 4,701 crore up to Q3 FY20 as compared to Rs 5,029 crore up to Q3 FY19.
Dr Ashutosh Karnatak, Chairman & Managing Director, GAIL stated that Company had been able to achieve growth in profit in Q3 FY20 despite a significant decline in Petrochemicals prices. This has been due to better operational efficiency and physical performance in comparison to Q2 FY20 accompanied by an increased capacity utilisation of the petrochemical unit at Pata, over 100 per cent.
He also stated that GAIL is in step with the Government of India's vision of expanding the share of natural gas to 15 per cent in the energy basket of India by working relentlessly in reshaping the gas economy of the country.
The Company has declared an interim dividend at 64 per cent for the financial year FY 2019-20 i.e. Rs 6.40 per equity share.