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Published on 10/06/2021 10:13:26 AM | Source: IANS

GAIL logs 28% sequential growth in Q4 net profit

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GAIL (India) Ltd on Wednesday reported a 28 per cent growth in its net profit for the January-March period, on a quarter-on-quarter basis, at Rs 1,908 crore.

During the Q3 of FY21, the state-run natural gas major had reported a net profit of Rs 1,487 crore.

A company statement said that it recorded a turnover of Rs 15,472 crore in Q4 FY21 in comparison to Rs 15,386 crore in Q3 FY21.

The net profit for FY21 was Rs 6,136 crore.

It noted that the petrochemical business has shown better performance with more than 100 per cent capacity utilisation.

The sales increased by 18 per cent to 871 TMT and the petrochemical plant recorded highest ever production of 813 TMT.

GAIL's CMD Manoj Jain said that the operations of the plant and pipelines were stable, and no major shutdown took place during FY 2020-21.

During the year, the company's capex was Rs 6,982 crore, mainly on pipelines. GAIL has taken several initiatives to support the employees, society and the nation to combat the Covid-19.

Jain also said that, under the aegis of Ministry of Petroleum and Natural Gas, GAIL's management has given a thrust to expand in the areas of compressed biogas, ethanoland renewable energy. GAIL is undertaking several initiatives to diversify in these areas.