MOSCOW (MRC) -- GAIL Ltd., state-owned petrochemicals manufacturer based in India, announced its results for the second quarter ended September 30, 2020, reported Kemicalinfo.
Petrochemicals Segment Q2 Results- QoQ: the segment’s net profit grew to Rs 176.31 crores for the period ended September 30, 2020 as against net loss of Rs 154.43 crores for the previous quarter. Net sales increased 37.9% to Rs 1684.72 crores for the period ended September 30, 2020 as compared to Rs 1221.69 crores during the previous quarter.
Petrochemicals Segment Q2 Results- YoY: the segment’s net profit grew to Rs 176.31 crores for the period ended September 30, 2020 as against net loss of Rs 82.32 crores for the prior-year quarter. Net sales grew 4.0%to Rs 1684.72 crores for the period ended September 30, 2020 as compared to Rs 1619.16 crores during the prior-year quarter.
Petrochemicals Segment Half-Year Results- YoY: the segment’s net profit grew to Rs 21.88 crores for the 6 months period ended September 30, 2020 as against net loss of Rs 309.35 crores for the prior-year 6 months period. Net sales dropped 6.4% to Rs 2906.41 crores during the 6 months period ended September 30, 2020 as compared to Rs 2731.92 crores during the prior-year 6 months period.
On the impact of current pandemic on its financial results, GAIL Limited in its stock exchange filing said, “The COVID-19 pandemic globally and in India has impacted business in general and caused slowdown of economic activity. The physical performance of the company has improved as compared to previous quarter and reached to almost normal levels.”
As MRC informed earlier, GAIL India Ltd has restarted its polyethylene (PE) unit in Pata, Uttar Pradesh. Thus, the company's 400,000 tons/year high density polyethylene (HDPE)/linear low density polyethylene (LLDPE) swing plant in Pata, Uttar Pradesh resumed operations just a couple of days after the company shut down the unit on 25 September 2020 due to feedstock supply disruption.
We remind that on 24 September 2020, a fire broke out at the Oil and Natural Gas Corporation (ONGC) gas processing plant in Hazira, India with no casualty or injury reported. As a result, the ruptured pipeline disrupted feedstock supply to GAIL. ONGC’s own petrochemical plant, namely ONGC Petro Additions (OPaL) was not affected by the incident as it is situated in a different location.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, exluding producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.
MRC