On Tuesday, GAIL (India) Limited reported a rise of 16.5 per cent in the standalone net profit of Rs 1,240 crore for the quarter ended on 30 September, 2020, against Rs 1,064 crore for the same quarter a year-ago.
The company’s board also approved borrowing of upto Rs 10,000 crore through issuance of Secured/Unsecured, Redeemable, Non-convertible Bonds.
During the September quarter, GAIL’s standalone revenue from operations during the quarter declined 24 per cent to Rs 13,644 crore from Rs 18,041 crore in the year-ago period. Due to lower gas prices the company’s turnover fall 23.7 per cent to Rs 14,104.80 crore.
“The group has assessed the possible impact of COVID-19 in preparation of financial results based on the internal and external sources of information and expects no significant impact on the continuity of the business on a long term basis, the useful life of the assets and overall financial position of the group,” Gail said. The company’s physical performance has been improved compared to the June quarter and had reached almost normal levels, it added.
The gas transporter reported a pre-tax loss of Rs 334.55 crore in the September quarter on its natural gas marketing business as the Covid-19 disruption impacted demand. However, the loss was lower than Rs 614.06 crore pre-tax loss in the April-June quarter. It had a pre-tax profit of Rs 241.72 crore for the September quarter of previous year.