GAIL Q3 Results: Profit Rises 20% On Growth Across Segments, Higher Margin
GAIL’s net profit rose 20% sequentially on growth across segments.
GAIL Ltd.’s quarterly profit rose as its margins rose and sales jumped across segments.
Net profit rose 20% quarter-on-quarter to Rs 1,487.3 crore in the three months ended December, according to an exchange filing. That compares with the Rs 1,438-crore consensus estimate of analysts tracked by Bloomberg.
The state-owned gas distributor’s revenue rose 13.3% over the preceding quarter to Rs 15,454.3 crore. Analysts had pegged the metric at Rs 14,988 crore.
Highlights (QoQ)
- Operating profit rose 43.4% to Rs 1919.5 crore.
- Other income fell 35% to Rs 470.8 crore.
- Operating margin expanded to 12.4% from 9.8%.
- Petrochemicals revenue grew 15%, while natural gas marketing segment saw an increase of 13%. The LPG and liquid hydrocarbons grew 9.3%.
That came in a quarter when benchmark polyethylene and liquefied petroleum gas prices rose 10% and 12% on a sequential basis, respectively, while spot LNG prices jumped 132% quarter-on-quarter. Prices of Brent crude oil rose 4.4% to $44.6 per barrel during the same period.
LNG imports rose 2% sequentially and 10% over the preceding year to 97.3 million metric standard cubic metre per day in the quarter ended December. India’s gas consumption in October and November 2020 rose 10% quarter-on-quarter to 158.8 mmscmd on the back of a jump in regasified LNG volumes.