Gail India posts 68% drop in consolidated PBT at Rs 728.74 cr in Q1

The company's revenue from operations also saw a decline of 34 per cent for the quarter ended June 30 to Rs 12,180.62 crore as against Rs 18,481.56 crore in Q1FY20

State-run gas utility Gail (India) on Thursday posted a 68 per cent drop in consolidated pre-tax profit, or PBT, for the first quarter, hurt by low price realisation in some segments.

It reported a PBT of Rs728.74 crore in the first quarter of the financial year 2020-21 (Q1FY21), compared to Rs2,307.46 crore during the corresponding period in FY20.

The company’s revenue from operations also saw a decline of 34 per cent at Rs12,180.62 crore against Rs18,481.56 crore during the corresponding quarter in 2019-20.

“The sharp decline in financial performance is mainly attributable to a significant impact in physical performance due to the nationwide lockdown during the earlier part of the quarter coupled with lower price realisation in petrochemicals, liquid hydrocarbons, and natural gas,” the firm said. 

Manoj Jain, CMD at GAIL, said though capex during Q1 was affected due to the lockdown, the firm expects to significantly improve it in the remaining quarters.