GAIL Announces Quarterly Results (1QFY21); Net Profit Down 80.2%

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GAIL Announces Quarterly Results (1QFY21); Net Profit Down 80.2%
Tue, 1 Sep

GAIL has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

GAIL Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m183,115177,550120,875-31.9%-34.0%
Other incomeRs m1,5125,1322,413-53.0%59.6%
TurnoverRs m184,626182,682123,288-32.5%-33.2%
ExpensesRs m160,525152,797114,648-25.0%-28.6%
Gross profitRs m22,59025,7706,226-75.8%-72.4%
DepreciationRs m4,0575,0164,583-8.6%13.0%
InterestRs m23932949550.3%107.0%
Profit before taxRs m19,80525,5573,562-86.1%-82.0%
TaxRs m6,930-4,6251,007-85.5%
Profit after taxRs m12,87530,1822,555-91.5%-80.2%
Gross profit margin%12.314.55.2
Effective tax rate%35.0-18.128.3
Net profit margin%7.016.52.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 34.0% on a year-on-year (YoY) basis. The expenses were down by 28.6% YoY during the same period.
  • The company's operating profit declined by 72.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 5.2% in 1QFY21 as against 12.3% in 1QFY20.
  • Depreciation charges increased by 13.0% and finance costs increased by 107.0% YoY, respectively.
  • Other income increased by 59.6% YoY during the quarter.
  • Net profit for the quarter declined by 80.2% YoY. Net profit margins during the quarter declined from 7.0% in 1QFY20 to 2.1% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 31.9% on a quarter-on-quarter (QoQ) basis. The expenses were down by 25.0% QoQ during the same period.
  • The company's operating profit declined by 75.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 5.2% in 1QFY21 as against 14.5% in 4QFY20.
  • Net profit for the quarter declined by 91.5% QoQ, while net profit margins declined from 16.5% in 4QFY20 to 2.1% in 1QFY21.

To see how GAIL has performed over the last eight quarters,please visit here.

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GAIL Share Price Performance

Over the last one year,GAIL share price has moved down from Rs 129.7 to Rs 95.9, registering a Loss of Rs 33.8 or around 26.0%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 12,968.4 (down 0.9%). Over the last one year it has moved down from 13,163.7 to 12,968.4, a gain of 195 points (down 1.5%).

Overall, the S&P BSE SENSEX is up 5.9% over the year.

Current Valuations

At the current price of Rs 95.9, the price to earnings (P/E) ratio of GAIL stands at 7.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.9 times.

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