India s Gail reports 47% drop in profit in Jan-Mar
India s biggest gas transportation and marketing company Gail on June 9 reported a 47.4% year/year drop in consolidated net profit for the three months ending March 31 (Q4) to 24.86bn rupees ($340mn). Profit was up 32% quarter/quarter, however.
For the 12 months ending March 31, Gail s consolidated net profit was 61.36bn rupees as against a net profit of 94.22bn rupees in the previous year.
Manoj Jain, chairman and managing director said that during the year, the company s capital expenditure was 69.82bn rupees mainly on pipelines. The company is focusing on expanding in the areas of compressed biogas, ethanol and renewable energy, Jain said.
New Delhi [India], April 2 (ANI): ONGC's Finance Director Subhash Kumar has assumed additional charge of the post of Chairman and Managing Director following superannuation of Shashi Shanker on March 31.
Clean energy firm ReNew Power has decided to provide COVID-19 vaccination free of cost to its 1,500 employees as well as their families. Assuming a family of five, back-of-the-envelope calculations indicate that ReNew Power would provide vaccination to around 7,500 people across its 110 locations inIndia.
ReNew Power Chairman and Managing Director Sumant Sinha told PTI that the company will bear the full cost of vaccination for its employees and their dependents. He said ReNew has around 1,500 employees, a majority of whom work across its 110 locations across the country. In an e-mail written to employees, Sinha said, We want to ensure that all our employees are working in safe conditions, and getting vaccinated is a crucial safety measure in that regard.
The FMCG major s net profit rose 2.3% to Rs 483.31 crore on 9.16% increase in net sales to Rs 3,417.52 crore in Q4 December 2020 over Q4 December 2019.
Profit before tax in the fourth quarter stood at Rs 670.17 crore, up by 9.1% from Rs 614.10 crore in the same period last year. Current tax expense during the quarter increased by 34.2% year-on-year (YoY) to Rs 193.84 crore.
Total sales and domestic sales for the quarter increased by 9.2% and 10.1% respectively. Domestic sales growth is broad based largely driven by volume & mix. Demand in out of home channel further improved in the quarter but continues to be impacted by COVID. Export sales were lower by 7.7% due to lower coffee exports.
The Indian Navy got its third Scorpene submarine, which will be commissioned as INS Karanj, of Project P-75 on Monday in Mumbai. The acceptance document was signed by Vice Admiral (Retd) Narayan Prasad, Chairman and Managing Director of Mazagon Dock Shipbuilders Limited, and Rear Admiral B Sivakumar, Chief of Staff Officer (Tech) of Western Naval Command. With the delivery of Karanj, India further cemented its position as a submarine building nation. MDL, one of the India s leading shipyards with the capacity and the capability to meet the requirements and aspirations of the Indian Navy, has delivered three Scorpene submarines named Khanderi, Kalvari and now Karanj.