Indian Gail's Profit up in July-Sept

Indian state-run gas marketing and distribution firm Gail has recorded an increase in net profits in the three months ending September 30 (Q2), both quarter on quarter and year on year, it said on November 10 in a statement.

Gail's net profit of rupees 12.4bn ($17mn) in Q2 was up 16.5% yr/yr and 385% q/q. “After relaxations in the lockdown imposed due to pandemic Covid-19 in Q1 and with the resumption of economic activities, the volumes picked up in all segments of the company to normal levels in Q2 FY21 resulting in an increase in the profit as compared to Q1 FY21,” the company said. Total income during Q2 was rupees 143.68bn, down from rupees 184.81bn in the year-ago period.

During the six months to September 30, Gail recorded a net profit of rupees 14.95bn, against rupees 23.52bn a year earlier.