News Brief
GAIL FY22 Profit After Tax Jumps 112 Per Cent To Rs 10,364 Crore
- On a consolidated basis, GAIL achieved Rs 92,874 crore in annual revenue from operations, Rs 15,464 crore in PBT and Rs 12,256 crore as PAT in FY 22.
GAIL
State-run gas transmission major Gas Authority of India has posted 41 per cent increase in net profit for the March quarter of FY22, which rose to Rs 2,683 crore as against Rs 1,908 crore in Q4 FY21 mainly on account of improved gas marketing spread and better product prices.
Revenue from operations rose to Rs 26,968.21 crore in the quarter ended on 31 March, increasing by 73 per cent from Rs 15,549 crore in the corresponding period of the previous fiscal. The profit before tax (PBT) registered a growth of 36 per cent to Rs 3,546 crore in Q4 FY22 as against Rs 2,612 crore during Q4 FY21, the company said on Friday (27 May).
For the full fiscal 2021-22 ending 31 March, GAIL registered the highest ever net profit of Rs 10,364 crore, a growth of 112 per cent as against Rs 4,890 crore in FY21 mainly on account of increased gas marketing and transmission volume, better gas marketing spread and higher product prices. In FY22, PBT increased by 113 per cent to Rs 13,590 crore as against Rs 6,386 crore in FY21.
On a consolidated basis, GAIL achieved Rs 92,874 crore in annual revenue from operations, Rs 15,464 crore in PBT and Rs 12,256 crore as PAT in FY 22, showing an increase by 62 per cent, 100 per cent and 100 per cent respectively against FY21. The quarterly revenue from operations, PBT and PAT achieved in Q4 FY22 is Rs 27,328 crore, Rs 4,375 crore and Rs 3,454 crore, up by 73 per cent, 36 per cent and 39 per cent respectively against Q4FY 21.
This is the highest yearly financial results on all the three parameters ever reported by the company in its history, according to Manoj Jain, CMD of GAIL which has incurred a capex of Rs 7,738 crore mainly on pipelines, petrochemicals, equity to joint ventures among others.
The company spending on CSR during the year is 3 per cent against the mandate spend of 2 per cent and the total dividend for FY 2021-22 is Rs 4,440 crore, which is highest ever by GAIL. Besides this, buyback of shares amounting to Rs 1,083 crore has already been approved.
The quarterly and fiscal performance top a period of expansion of activities of the gas utility which has awarded a contract to set-up India’s largest electrolyser to produce hydrogen, is tying up new gas sources to meet the emerging gas demand in the domestic market even as it spreads its footprints in the international market.
The company has also embarked upon alternate energies like green hydrogen by awarding a contract to set up one of the largest proton exchange membrane electrolyser in India at GAIL’s Vijaipur Complex in Madhya Pradesh which will produce around 4.3 metric tons of hydrogen per day (approx. 10 MW capacity) and is scheduled to be commissioned by November 2023.
Among other important projects, GAIL has laid a dedicated pipeline to supply fuel to Hindustan Petroleum Corporation-L Mittal Energy’s refinery in Bathinda (Punjab) which was inaugurated on 21 May. The pipeline which has been laid at a cost of Rs 142 crore, as part of the National Gas Grid, runs from Dadri (Uttar Pradesh) through Yamunanagar (Haryana) to Nangal (Punjab) and will boost the supply of natural gas in the region.
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