GAIL India on Thursday recorded a turnover of Rs 17,352 crore in Q1 FY22 vis-a- vis Rs 12,060 crore in Q1 FY21 while profit before tax (PBT) stood at Rs 2,054 crore as against Rs 356 crore.
Profit after tax (PAT) stood at Rs 1,530 crore in Q1 FY22 as against Rs 256 crore in Q1 FY21.The increase in the profits was mainly attributable to better physical performance in natural gas marketing and transmission, improved margins in gas marketing due to favourable market conditions and better price realisation in petrochemicals and liquid hydrocarbons.Natural gas transmission and marketing volume increased by 19 per cent and 18 per cent respectively as compared with corresponding quarter in previous year. The volume growth is due to normalcy of the business activities as against nationwide lockdown during Q1 FY21.During the quarter, the consolidated group turnover stood at Rs 17,551 crore as against Rs 12,152 crore in Q1 FY21.
The group's PBT and PAT stood at Rs 2,540 crore and Rs 2,138 crore respectively as against Rs 729 crore and Rs 654 crore respectively in Q1 FY21.
Manoj Jain, Chairman and Managing Director, said the company is focused on the development of a national gas grid. GAIL along with its joint venture partners are executing pipeline projects of 8,000 km with an investment of Rs 38,000 crore.
GAIL is also expanding polypropylene production capacity by setting up 500 KTA PDHPP unit at Usar in Maharashtra and 60 KTA PP unit at Pata in Uttar Pradesh with an investment of Rs 10,000 crore.
During the current financial year, GAIL has capex plan of Rs 6,600 crore. Jain further added that GAIL is exploring possibilities for expanding its footprint in renewables.
( With inputs from ANI )
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