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GAIL Q3 profit rises 19% to Rs 1,487 crore on lower tax cost; misses estimates – Moneycontrol.com

Tax expenses fell sharply to Rs 380.4 crore in Q3 FY21 compared to Rs 621 crore in the corresponding period.

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GAIL India on February 10 reported an 18.9 percent year-on-year (YoY) growth in standalone profit to Rs 1,487.3 crore for the quarter ended December 2020, driven by lower tax cost and margin expansion.

Standalone revenue of the state-run natural gas processing and distribution company fell 13 percent YoY to Rs 15,454 crore in Q3 FY21 against Rs 17,767 crore in the corresponding period.

Quarterly earnings were below analysts’ estimates. Profit was pegged at Rs 1,512 crore on revenue of Rs 15,839 crore by the average of estimates of analysts polled by CNBC-TV18.

On the operating front, its earnings before interest, tax, depreciation and amortisation (EBITDA) declined 7.4 percent YoY to Rs 1,919.6 crore, but margin increased 80 bps to 12.4 percent. Both numbers were below CNBC-TV18 poll estimates which were estimated at Rs 2,220 crore and 14.1 percent, respectively.

Tax expenses fell sharply to Rs 380.4 crore in Q3 FY21 compared to Rs 621 crore in the corresponding period.

The stock price was quoting at Rs 133.65, rising 2.02 percent on the BSE at 15:23 hours IST.

Moneycontrol News