State-run GAIL (India) has posted a consolidated net profit of Rs 1,068.16 crore for the second quarter of the financial year ended September, down 8.5 per cent from Rs 1,167.58 crore during the same period last year.
The company's revenue from operations dropped by 24.3 per cent to Rs 13,809.86 crore during the July to September period of 2020-21, down from Rs 18,249.90 crore a year before.
The company said in a statement that both physical, as well as the financial performance of the company, improved across all major segments in the second quarter. After relaxations in the lockdown imposed due to pandemic Covid-19 in the first quarter and with the resumption of economic activities, the volumes picked up in all segments of the company to normal levels in Q2 resulting in an increase in the profit as compared to Q1 FY21, it said.
Physical performance improved by 18 per cent in natural gas transmission, 9 per cent in gas marketing, 10 per cent in LPG transmission, 22 per cent in petrochemical sales and 12 per cent in Liquid Hydrocarbon Sales, compared to the previous quarter of the current fiscal.
GAIL’s Petrochemical business has seen a major turnaround. The plant is operating back to normal levels with a jump in production by 65 per cent to 221 TMT as against 134 TMT in Q1 of FY21. On account of better physical performance and price realization, the profitability of the segment has reached Rs 170 crore during Q2 FY21.
Manoj Jain, Chairman & Managing Director, GAIL said that the company’s plants and pipelines have achieved the pre-Covid level of performance. He further added that though the Capex during the first quarter was affected due to lockdown, GAIL has moved swiftly to make up for the lost time and is trying to accelerate the progress in its ongoing projects.