The state-owned natural gas processing and distribution company's consolidated net profit slipped 8.51% to Rs 1,068.16 crore on 24.32% drop in revenue from operations to Rs 13,809.86 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) skid 16.08% to Rs 1,432 crore in Q2 September 2020 as against Rs 1,706.47 crore in Q2 September 2019. Total tax expense for the quarter declined 32.48% to Rs 363.84 crore as against Rs 538.89 crore in Q2 September 2019. The Q2 result was declared during market hours today, 10 November 2020.
Meanwhile, the board in its meeting held on 10 November 2020 approved to borrow monies together with the money already borrowed by the company upto the limit of sum equivalent to Rs 10,000 crore in one or more tranches from time to time.
Shares of GAIL (India) advanced 3.87% to Rs 89.85 on BSE.
GAIL (India) is an integrated energy company in the hydrocarbon sector and is engaged in gas marketing. As of 30 September 2020, the Government of India held 51.76% stake in the company.
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