GAIL (India) Limited recorded turnover of Rs. 17,352 crore in Q1 FY22 vis a vis Rs. 12,060 crore in Q1 FY21 while Profit before Tax (PBT) in Q1 FY22 stood at Rs. 2,054 crore as against Rs. 356 crore in Q1 FY21. The Profit after Tax (PAT) stood at Rs. 1,530 crore in Q1 FY22 as against Rs. 256 crore in Q1 FY21.

The increase in the profits is mainly attributable to better physical performance in Natural Gas Marketing & Transmission, improved margins in gas marketing due to favourable market conditions and better price realization in Petrochemicals and Liquid Hydrocarbons.

During the quarter, Natural Gas Transmission and Natural Gas Marketing volume increased by 19% and 18% respectively as compared with corresponding quarter in previous year. The volume growth is due to normalcy of the business activities as against nationwide lockdown during Q1 FY21.

During the quarter, the consolidated group turnover stood at Rs. 17,551 crore as against Rs. 12,152 crore in Q1 FY21. The group’s PBT and PAT stood at Rs. 2,540 crore and Rs. 2,138 crore respectively as against Rs. 729 crore and Rs. 654 crore respectively in Q1 FY21.

Manoj Jain, Chairman & Managing Director, GAIL stated that the company is focussed on development of National Gas Grid and currently GAIL, along with its JVs, is executing Pipeline Projects of around 8,000 kms with investment of around Rs. 38,000 crore.

GAIL is also expanding Polypropylene production capacity by setting up 500 KTA PDHPP Unit at Usar (Maharashtra) and 60 KTA PP unit at Pata (Uttar Pradesh) with an approximate investment of Rs 10,000 crore. During current financial year, GAIL has capex plan of Rs. 6,600 crore. Shri Jain further added that GAIL is exploring possibilities for expanding its footprint in renewables.