Government-owned GAIL is set to buy Russian oil and gas assets rejected by major Western economies following the Kremlin’s invasion of Ukraine. GAIL has reported strong earnings for the quarter ended March 31, 2022 (Q4FY22).
Headquartered in New Delhi, GAIL is the largest gas transmitter in the country.
galloIndia’s largest gas transmitter GAIL is set to buy Russian oil and gas assets that were abandoned by Western companies after Moscow invaded Ukraine, said Manoj Jain, chairman of India’s largest gas transmitter, as reported by Reuters. .
Notably, European countries, the United States and other economies have imposed heavy sanctions on Russia since the war with Ukraine began on February 24 this year. The struggle continues.
During Q4FY22, GAIL posted a standalone net profit of Rs. An increase of about 41% from 2,683.11 crores 1,907.67 crore in the same quarter last year. Revenue from operations jumped more than 73% 26,968.21 crore in Q4FY22 as against 15,549.07 crore in the fourth quarter of the previous year.
GAIL’s board has recommended dividend of the final dividend of 10 per share for FY 22 at the paid-up equity share capital of the Company, subject to the approval of the shareholders in the ensuing Annual General Meeting.
GAIL shares closed on BSE 142.80 each, down 5.4%.