GAIL (India) Q2 FY22 profit after tax surges 87% to Rs 28.6bn

GAIL (India) Limited has reported an 87% surge in its profit after tax (PAT) for the second quarter of the fiscal year 20222 (Q2 FY22) to INR 2,863 crores, compared to INR 1,530 crores in Q1 FY22.

The Indian government-owned natural gas transmission company saw a 24% increase in its turnover for Q2 FY22 to INR 21,477 crores, compared to INR 17,352 crores in the first quarter.

According to GAIL (India), the physical performance for the reported quarter improved for all segments.

Natural gas transmission saw an increase by 6% to 114.32 MMSCMD in Q2 FY22 compared to 107.66 MMSCMD in Q1 FY22.

Marketing of natural gas had a 2% growth to 97.72 MMSCMD during the reported quarter compared to 95.95 MMSCMD in the previous quarter.

GAIL (India) Q2 FY22 profit after tax surges 87% to Rs 28.6bn. Photo courtesy of Tobias Lindner from Pixabay.

On the other hand, petrochemical production sales clocked a 60% increase to 221 TMT in Q2 FY22 compared to 138 TMT in Q1 FY22.

GAIL (India) pulled off its highest ever half yearly turnover and profit in H1 FY22 at INR 38,829 crores, a 51% increase compared to INR 25,671 crores in the last fiscal year.

Profit after tax for the Indian midstream company moved up by 194% to INR 4,393 crores for the reported half year, compared to INR 1,495 crores in H1 FY21.

Manoj Jain — Chairman and Managing Director of GAIL (India) said that during the first half of FY22, the company had spent a Capex of INR 3,180 crores. The amount was used primarily on pipelines, equity, and petrochemicals among others.