Financial News

GAIL profit falls 35% to Rs 6,143 crore in FY21

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GAIL currently operates 13,200 km of natural gas pipelines.GAIL presently operates 13,200 km of pure gasoline pipelines.

State-run gasoline transporter GAIL’s internet revenue fell 35.4% year-on-year (y-o-y) to Rs 6,142.8 crore on a consolidated foundation within the fiscal ended March, because the pure gasoline advertising enterprise — GAIL’s largest income earner — reported a lack of Rs 435.4 crore in opposition to a revenue of Rs 2,639 crore within the corresponding interval a yr in the past.

Within the fourth quarter of FY21, the corporate posted a revenue of Rs 2,535 crore in opposition to the Rs 4,814 crore consolidated revenue recorded in Q4FY20.

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The corporate’s tax bills additionally elevated 73% to Rs 1,582.6 crore in FY21. Throughout the fiscal, GAIL’s capex was Rs 6,982 crore, primarily on pipelines, and the capex is anticipated to be round Rs 6,600 crore in FY22. The petrochemical phase, owing to greater margins and volumes, swung to a before-tax revenue of Rs 1,065 crore within the fiscal from the Rs 246-crore loss a yr in the past.

Manoj Jain, CMD of GAIL mentioned: “We had taken successful in first two quarters of FY21 as a result of decrease crude oil costs, however within the final two quarters, we’ve been in a position to make up for many of these losses”. Nevertheless, with costs trending on the upper aspect, “the advertising phase is anticipating higher numbers from gasoline buying and selling,” the CMD mentioned.

GAIL presently operates 13,200 km of pure gasoline pipelines.

The corporate is planning to increase within the areas of compressed biogas, ethanol and renewable vitality and it’s endeavor a number of initiatives to diversify in these areas.

“We’re searching for a number of areas of renewable vitality, however our fast goal is round 400 mega-watt (MW) of photo voltaic vegetation,” Jain mentioned.

The corporate will likely be taking part in photo voltaic bids performed by the Photo voltaic Vitality Company of India and BHEL will likely be its EPC contractor for photo voltaic tasks. “Aside from such natural development, we’re additionally trying on the property of many personal gamers, each huge and small, however nothing is within the remaining stage,” Jain acknowledged.

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