Credit ratings agency Moody's revised its outlook on the state-run company to stable from negative.
Moody's has affirmed the ratings of GAIL to Baa3. Thus, now the credit rating of GAIL by Moody's is Baa3 with stable outlook. Further, Moody's has also affirmed the Baseline Credit Assessments (BCA) of GAIL at Baa3.The affirmation of GAIL's issuer ratings reflects the company's dominant position in gas transmission business in India, operational and financial links with the government, and very strong financial profile, Moody's said.
GAIL (India)'s consolidated net profit soared 226.71% to Rs 2137.75 crore on 44.33% jump in net sales to Rs 17571.45 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
The company is an integrated energy company in the hydrocarbon sector and is engaged in gas marketing. The Government of India held 51.83% stake in the company as of 30 June 2021.
Shares of GAIL (India) was down 2.59% to Rs 162. The stock rose 2.94% in the past two sessions.
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