GAIL (India) Ltd., one of India’s state-owned natural gas and petrochemicals manufacturer, announced its results for the quarter and financial year ended March 31, 2020.
Q4 Results
The company’s net profit rose 171% to Rs 3,018 crores ($400 million) for the period ended March 31, 2020 as against Rs 1,112 crores ($147 million) for the period ended March 31, 2019.
The company’s net revenue decreased 5% to Rs 17,755 crores ($2.35 billion) for the quarter ended March 31, 2020, as against Rs 18,763 crores ($2.5 billion) in the prior-year quarter.
Petrochemicals:
The company’s petrochemicals segment reported a drop in net sales by 29% to Rs 1,206 crores ($160 million) as against Rs 1,700 crores ($225 million) during the prior-year quarter.
Net profit for the segment grew 108% to Rs 185 crores ($24.5 million) for the period ended March 31, 2020 as against Rs 89 crores ($11.8 million) during the prior-year quarter.
Petrochemicals segment production volume for the quarter stood at 208,000 MT as against 203,000 MT in the prior-year quarter.
Full-Year Results
GAIL (India) Limited recorded a net profit of Rs 6,621 crores ($876.7 million) for the financial year 2019-20, a rise of 10% from Rs 6,026 crores ($797.9 million) over the previous financial year 2018-19.
Net revenue for the year dropped 4% to Rs 71,876 crores ($9.5 billion) as against Rs 75,126 crores ($9.9 billion) in the last fiscal year.
Petrochemicals:
The company’s petrochemicals segment reported a drop in net sales by 19% to Rs 5,370 crores ($711 million) for year 2019-20 as against Rs 6,631 crores ($878 million) last year.
Net profit for the segment decreased 75% to Rs 205 crores ($27 million) for year 2019-20 as against Rs 815 crores ($108 million) last year.
Petrochemicals segment production volume for full-year 2019-20 stood at 787,000 MT as against 751,000 MT last year.
The Earning per share for full-year 2019-20 was Rs 14.6 ($0.19) as against Rs 13.36 ($0.18) in the previous year.
Mr. Manoj Jain, Chairman & Managing Director, GAIL said that the company had made Capex of Rs 6,100 crore in the current FY 2019-20, mainly in the on-going pipeline projects.
He further stated that consequent upon debt resolution of KLL, GAIL’s equity in KLL has increased from 40.92% to 69.06%. Accordingly, KLL has become GAIL’s subsidiary.
CMD GAIL stated that although there were some reductions in GAIL’s business activities in initial stage due to country wide lockdown, with graded relaxation in lockdown and other measures by the Government of India to resume economic activities, the operations of the Company has been normalised to a great extent.
The Petrochemical plant near north Indian city of Kanpur, which was shutdown in April 2020, is now operating at 100% capacity.