NEW DELHI: Natural gas major GAIL (India) Ltd on Wednesday reported a sharp 19 per cent increase in its third quarter net profit, with the rise in its petrochemical margins offsetting the company’s losses from the gas marketing segment. According to details filed with the stock exchanges, the firm posted a net profit of Rs 1,487.33 crore during the October-December period (Q3FY21)—19 per cent more than the Rs 1,250.65 crore recorded in the corresponding period of the previous year.
GAIL’s had a bad quarter in the natural gas marketing segment, falling into the red with a loss ofRs 73.70 crore compared to a pre-tax profit of Rs 466.52 crore the previous year. However, its petrochemical business swung into the black with a pre-tax profit of Rs 434.08 crore for Q3FY21, making up for its losses in the gas marketing business. In the corresponding quarter of the previous year, the company had seen a loss of Rs 8.51 crore in the petrochemical segment.
Gas transportation, the mainstay of the company, saw little growth with business remaining flat, as was the case with the LPG and liquid hydrocarbons business. GAIL recorded a 13 per cent increase in over turnover for the period at Rs 15,386 crore. “Both physical, as well as the financial performance of the company, improved further across all major segments in Q3 as compared to Q2 FY21,” the company said.