GAIL (India) rose 1.51% to Rs 97.75 after the company said it signed a memorandum of understanding (MoU) with Energy Efficiency Services (EESL) for cooperation in development of trigeneration projects in India.
GAIL (India) and EESL will jointly explore business opportunities in trigeneration business segment in India. Trigeneration or Combined Cooling, Heat and Power (CCHP) typically involves natural gas-fired generators to produce electricity. The waste heat from flue gas is recovered to produce hot water / steam which in turn used for heating purposes and also in absorption chillers for cooling.
Under this MoU, GAIL & EESL shall jointly undertake studies and if found viable, 50:50 joint venture between GAIL & EESL will be incorporated for undertaking trigeneration projects. The disclosure was released after market hours yesterday, 3 June 2020.
On a standalone basis, the company's net profit dropped 25.6% to Rs 1,250.65 crore in Q3 December 2019 (Q3 FY20) as against Rs 1,681.23 crore reported in Q3 December 2018 (Q3 FY19). Revenue from operations declined 10.2% year-on-year (Y-o-Y) to Rs 17,767.32 crore in Q3 FY20.
GAIL (India) is an integrated energy company in the hydrocarbon sector and is engaged in gas marketing. As of 31 March 2020, the Government of India held 52.49% stake in the company.
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