GAIL records 10% rise in PAT to Rs 6,621 crore in FY 20
GAIL (India) recorded a Profit after Tax (PAT) of Rs 6,621 crore for the financial year 2019-20, a rise of 10 per cent from Rs 6,026 crore over the previous financial year 2018-19.
The turnover for the year stood at Rs 71,730 crore as against Rs 74,808 crore in the last fiscal year, whereas the Profit Before Tax (PBT) in the current year stood at Rs 7,943 crore as against Rs 9,085 crore during the previous year.
The increase in PAT is mainly due to adoption of a lower tax regime provided by the government.
The Earning per share in FY20 was Rs 14.68 as against Rs 13.36 (adjusted) in the previous year.
On a quarterly basis, GAIL recorded a turnover of Rs 17,709 crore, PBT of Rs 2,556 crore and PAT of Rs 3,018 crore in Q4 FY 19-20. The PBT and PAT recorded an increase of 47 per cent and 169 per cent respectively vis-a-vis the corresponding period in the last fiscal year.
During the year 2019-20, the consolidated turnover of the GAIL group companies stood at Rs 72,414 crore, down five per cent from previous year, while the group PAT was Rs 9,422 crore, up by 44 per cent as compared to the last fiscal year. The group companies mainly Indraprastha Gas Limited, Mahanagar Gas Limited, GAIL Gas Limited, Petronet LNG Limited, Konkan LNG Limited (KLL) and Brahmaputra Cracker & Polymer Limited contributed to add to the group consolidated profit.
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 per cent to 69.06 per cent. 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 countrywide 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, which had taken a shutdown in April 2020, is now operating at 100 per cent capacity. The LHC production and transmission segments did not see much impact and are currently operating at 100 per cent of FY20 levels.