GSPL profit rises 86 pc in Q4

Gujarat State Petronet Ltd (GSPL) on Monday reported 86 per cent jump in March quarter net profit on a steady rise in revenue. Consolidated net profit of Rs 497.67 crore in January-March, 2020 compared with Rs 266.78 crore in the same period a year back, the company said in a regulatory filing.

Revenue rose to Rs 3,232.26 crore from Rs 2,379.79 crore. For the full fiscal 2019-20, net profit rose to Rs 2,278.63 crore on a revenue of Rs 12,578.11 crore from Rs 1,198.39 crore on revenue of Rs 9,691.38 crore.

GSPL said it has opted for a lower rate of tax rate and its effect is seen in full-year earnings. "Due to the outbreak of COVID-19 globally and in India, the company's management has made an initial assessment of the impact on business and financial risks on account of COVID-19. "The company is in the business of gas transmission which is considered as an essential service and the management believes that the impact of this outbreak on the business and financial position of the company is very marginal as at the date of approval of these financial statements," the filing said.

The management, it said, does not see any risks in the company's ability to continue as a going concern and meeting its liabilities as and when they fall due..