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Gas transportation utility <keyword id="6358765" type="COMPANY" weightage="20" keywordseo="gail">GAIL</keyword> on Tuesday reflected the general positive sentiment in the economy during the unlock phase reporting 16.5 per cent growth in its net profit for the July-September quarter of current financial year to Rs 1,239 crore as compared Rs 1,065 crore profit in the corresponding period of previous fiscal. The net profit, however, recovered by a wider margin compared to the previous quarter (Q1 of FY21) when the economic impact of lockdown was more pronounced. In Q1, GAIL's profits had slipped to a mere Rs 256 crore. As per a company statement, after relaxations in the lockdown imposed due to pandemic in Q1 and with the resumption of economic activities, the volumes picked up in all segments to normal levels in Q2 FY21 resulting in an increase in the profit as compared to Q1 FY21. With regard to the turnover, GAIL recorded 13 per cent growth in Q2 to Rs 13,611 crore vis-a-vis Rs 12,060 crore in Q1 FY21. Both physical as well as financial performance of the company improved across all major segments in Q2. <keyword id="10252675" type="COMPANY" weightage="20" keywordseo="the-physical-performance">The Physical Performance</keyword> improved by 18 per cent in Natural Gas Transmission, nine per cent in Gas Marketing, 10 per cent in LPG Transmission, 22 per cent in Petrochemical Sales and 12 per cent in <keyword id="10252673" type="LOCATION" weightage="20" keywordseo="liquid-hydrocarbon-sales">Liquid Hydrocarbon Sales</keyword>. GAIL's Petrochemical business has seen a major turnaround. The plant is operating back to normal levels with a jump in production by 65 per cent to 221 TMT as against 134 TMT in Q1 of FY21. On account of better physical performance and price realization, the profitability of the segment has reached Rs 170 crore during Q2 FY21. On a half-yearly basis, GAIL recorded turnover of Rs 25,671 crore in H1 FY21 as against Rs 36,286 crore in H1 FY20 and PAT of Rs 1,495 crore in current half year as against Rs 2,352 crore in H1 FY20. During the quarter, the group's consolidated turnover stood at Rs 13,774 crore as against Rs 12,152 crore in Q1 FY21 while the group's PAT stood at Rs 1,068 crore as against Rs 643 crore in Q1 FY21. Manoj Jain, <keyword id="454940" type="COMPANY" weightage="20" keywordseo="chairman-managing-director">Chairman &amp; Managing Director</keyword>, GAIL said that the company's plants and pipelines have achieved the pre-Covid level of performance. He further added that though the Capex during the 1st quarter was affected due to the lockdown, GAIL has moved swiftly to make up for the lost time and is trying to accelerate the progress in its ongoing projects. SEE ALSO: <a href="https://www.businessinsider.in/politics/india/news/checkout-here-bihar-assembly-election-2020-results-and-updates-online/articleshow/79142084.cms" data-type="tilCustomLink">Bihar Election Results 2020: Counting of votes begin, early trends indicate the Grand Alliance edging ahead of the JDU</a> <a href="https://www.businessinsider.in/tech/news/google-will-be-probed-by-indias-competition-commission-for-allegedly-abusing-dominance-to-push-gpay/articleshow/79141895.cms" data-type="tilCustomLink">Google will be probed by India’s Competition Commission for allegedly ‘abusing dominance’ to push its payments app</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-covid-19-vaccine-is-90-effective-in-preventing-coronavirus-in-those-who-havent-been-infected-ever-before/articleshow/79130097.cms">Pfizer’s COVID-19 vaccine is 90% effective in preventing coronavirus in those who haven’t been infected ever before, shows data from latest trials</a>

GAIL reports 16.5% growth in its net profit to ₹1,239 crore for the second quarter

New Delhi, Feb 10 () State-owned gas utility GAIL India on Monday reported 25 per cent drop in third-quarter net profit due to slump in margins on natural gas marketing as well as LPG and liquid hydrocarbons.The net profit at Rs 1,250.65 crore, or Rs 2.77 a share, in October-December, was 25.6 per cent lower than Rs 1,681.23 crore, or Rs 3.73 per share, profit earned in the same period a year ago, the company said in regulatory filings.Revenues from natural gas marketing fell 9.5 per cent to Rs 14,662.67 crore and segment profits dropped 31 per cent to Rs 466.52 crore. Revenues and profits from its core gas transmission business, however, continued to grow in double digits.Also, the petrochemical business posted a loss of Rs 8.51 crore as compared to a pre-tax profit of Rs 29.71 crore a year ago.Gas marketing pulled down the company's overall turnover to Rs 17,768.82 crore in the third quarter from Rs 19,788.98 crore in October-December 2018.In a statement, GAIL said net profit was up 18 per cent quarter-on-quarter "mainly due to better physical performance, better margins in gas marketing and liquid hydrocarbons." In the nine-month period ended December 2019, gross sales of Rs 54,021 crore were lower than Rs 56,101 crore in the corresponding period of last year. Net profit dropped 27 per cent to Rs 3,602 crore. The drop in profit was "mainly due to a reduction in petrochemical and liquid hydrocarbon prices by around 22 per cent and 17 per cent, respectively," the statement said.GAIL Chairman and MD Ashutosh Karnatak stated that the company had been able to achieve growth in profit in third quarter despite a significant decline in petrochemical prices. "This has been due to better operational efficiency and physical performance in comparison to Q2 FY20 accompanied by an increased capacity utilisation of the petrochemical unit at Pata," he said. GAIL, he said, is in step with the government's vision of expanding the share of natural gas to 15 per cent in the energy basket of India by working relentlessly in reshaping the gas economy of the country.The company declared an interim dividend of 64 per cent or Rs 6.40 per share, for 2019-20. ANZ ANZ ANUANU

GAIL Q3 net dips 25 pc as marketing margins drop

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Syrian revolutionariesA poster advertising the 'day of rage' rally in April 2011, where tens of thousands took part in anti-government rallies across the country. At least 50 protesters were shot dead by Syrian security forces that day.</div></div></div>Syrian President Bashar al-Assad's regime negotiated deals with the Islamic State's oil tycoon that at one point contributed up to 72% of the terror group's profit from natural resources, <a href="http://www.wsj.com/articles/the-rise-and-deadly-fall-of-islamic-states-oil-tycoon-1461522313">The Wall Street Journal</a> reported last weekend.That is according to documents uncovered during a raid on the home of Abu Sayyaf, the ISIS "oil minister" who was killed by US Special Forces at his compound in Syria's Deir Ezzour province in May 2015.Abu Sayyaf's division - which had successfully negotiated agreements with the Assad regime to allow ISIS trucks and pipelines to move from regime-controlled fields through Islamic State-controlled territory - helped the jihadists bring in roughly $40 million per month in oil sales alone, according to documents seen by The Journal. Though Sayyaf was killed, his oil infrastructure remains largely intact. ISIS still controls <a href="http://ig.ft.com/sites/2015/isis-oil/">the majority</a> of Syria's oil fields, and the group continues to bring in roughly $1 million per day from oil sales, according to the Financial Times.The Assad regime's oil ties to the Islamic State have been well documented. At least two Syrian government officials, including a Russian-Syrian businessman named George Haswani, were sanctioned by the US last year for serving as middlemen between Assad and ISIS for oil deals. <a href="http://www.thedailybeast.com/articles/2015/12/10/isis-is-the-con-ed-of-syria.html">The Daily Beast</a> reported in December, meanwhile, that ISIS delivers both oil and natural gas to the regime. The report said the resources are transported via "midstream" service providers who move the resources from ISIS territory to government territory for profit."In exchange for gas, the regime provides utilities like electricity, which ISIS taxes accordingly," wrote Matthew Reed, the vice president of Foreign Reports, Inc., a Washington, DC-based consulting firm focused on oil and <keyword id="6358883" type="PERSON" weightage="100" keywordseo="Politics">politics</keyword> in the Middle East. "At natural gas fields like those around Palmyra, which produce lighter liquid hydrocarbons in addition to gas, ISIS takes whatever it can turn into fuel," he continued. "The gas goes west to Assad."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Khalil Ashawi/ReutersMen work at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria in this December 16, 2015, file photo.</div></div></div>Documents obtained in the raid on Sayyaf's compound corroborated those details. One document, identified as Memo No. 156 and dated February 11, 2015, said agreements allowing trucks and pipeline transit from regime-controlled oil fields through ISIS-controlled territory were already in place.The documents also confirmed previous estimates as to how lucrative the deals were. A senior US treasury official <a href="http://www.reuters.com/article/us-mideast-crisis-syria-usa-oil-idUSKBN0TT2O120151210">estimated in December</a> that ISIS has made more than $500 million trading oil with the Assad regime, which amounts to roughly $40 million per month.ISIS' oil ties to governments did not begin and end with Assad, however. Last July, The Guardian's Martin Chulov reported that separate documents uncovered in the Sayyaf raid <a href="http://www.businessinsider.com/links-between-turkey-and-isis-are-now-undeniable-2015-7">linked </a><a href="http://www.businessinsider.com/links-between-turkey-and-isis-are-now-undeniable-2015-7">Turkish officials to ISIS</a> as well.Flash drives seized during the raid reportedly revealed links "so clear" and "undeniable" between Turkey and ISIS "that they could end up having profound policy implications for the relationship between us and Ankara," a senior Western official familiar with the intelligence told The Guardian at the time.Ankara, long accused by <a href="http://www.businessinsider.com/turkey-created-a-monster-and-doesnt-know-how-to-deal-with-it-2015-2">experts</a>, <a href="http://www.newsweek.com/2014/10/31/kurds-accuse-turkish-government-supporting-isis-278776.html">Kurds</a>, and <a href="http://www.thegatewaypundit.com/2014/10/turkish-president-erdogan-demands-joe-biden-apologize-for-blaming-turkey-for-rise-of-isis/">even Vice President Joe Biden</a> of enabling ISIS by turning a blind eye to the vast smuggling networks of weapons and fighters during the ongoing Syrian war, has vehemently denied participating in any kind of illicit oil trade with the militant group. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/ted-cruz-attack-ad-features-fake-hillary-clinton-bizarre-politics-trump-2016-4">Ted Cruz just released a bizarre attack ad featuring a terrifying Hillary Clinton impersonator</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dha2wwMzE6YrQPh4mhocoJb8RcvmLTgZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

We just got the clearest sign yet that the Assad regime helped make ISIS very, very rich

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Russia's credit rating has <a href="http://www.standardandpoors.com/en_US/web/guest/ratings/entity/-/org-details/sectorCode/SOV/entityId/308102">been cut to 'BB+' by S&amp;P</a>. 
All ratings below 'BBB-' are considered "junk" as they are below the lowest investment grade rating.
The ratings outlook is negative. 
In its release, S&amp;P said, "The downgrade reflects our view that Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened. We also see a heightened risk that external and fiscal buffers will deteriorate due to rising external pressures and increased government support to the economy." 
S&amp;P added that, "We anticipate that asset quality in the financial system will deteriorate given the weaker ruble; restricted access of key areas of the economy to <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">international</keyword> capital markets due to sanctions; and economic recession in 2015."
Here's the full release from S&amp;P:
RATING ACTION
On Jan. 26, 2015, Standard &amp; Poor's Ratings Services lowered its long- and short-term foreign currency sovereign credit ratings on the Russian Federation to 'BB+/B' from 'BBB-/A-3'. We also lowered the long- and short-term local currency sovereign credit ratings to 'BBB-/A-3' from 'BBB/A-2'. In addition, we removed these ratings from CreditWatch, where they were placed with negative implications on Dec. 23, 2014. The outlook on the long-term ratings is negative.
At the same time, we revised the transfer and convertibility (T&amp;C) assessment on Russia to 'BB+' from 'BBB-'. We affirmed the long-term national scale rating on Russia at 'ruAAA'.
RATIONALE
The downgrade reflects our view that Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened. We also see a heightened risk that external and fiscal buffers will deteriorate due to rising external pressures and increased government support to the economy.
We believe that Russia's financial system is weakening and therefore limiting the Central Bank of Russia's (CBR's) ability to transmit monetary policy. In our opinion, the CBR faces increasingly difficult monetary policy decisions while also trying to support sustainable GDP growth. These challenges result from the inflationary effects of exchange-rate depreciation and sanctions from the West as well as counter-sanctions imposed by Russia. We project Russia's real GDP per capita growth to average less than economies with comparable levels of per-capita income over our 2015-2018 rating horizon.
In December 2014, the CBR increased its key interest rate by 750 basis points over five days to 17%. This was to stem the sharp depreciation of the ruble and curb inflation. The ruble briefly appreciated against the dollar but has since continued to depreciate, reaching about 66 rubles to the dollar (as of Jan. 26, 2015), compared to about 35 a year ago. The interest rate on interbank loans increased substantially, to well above the key rat e--although it has since moderated. We see such movements in financial instrument rates as strong indicators of a weakening monetary transmission mechanism. We expect that credit to the economy will be curtailed, which will likely further undermine growth.
We also understand that during 2014 the Russian public had been converting rubles into foreign currency, thereby fueling depreciation. Given the pass-through of more expensive imports to domestic prices generally, we now expect that inflation will rise above 10% in 2015.
We anticipate that asset quality in the financial system will deteriorate given the weaker ruble; restricted access of key areas of the economy to international capital markets due to sanctions; and economic recession in 2015. Asset quality deterioration may not be immediately apparent in reported figures, however, due to temporary measures introduced by the CBR that allow Russian banks to apply more favorable exchange rates when valuing foreign-currency denominated assets and apply more flexible provisioning policies.
We project that the economy will expand by about 0.5% annually in 2015-2018, below the 2.4% of the previous four years. We see this muted projected growth partly as a legacy of a secular economic slowdown that had already begun before the recent developments in the Ukraine. It also reflects a lack of external financing due to the introduction of economic sanctions and the sharp decline in oil prices. Ruble depreciation will subdue GDP per capita in dollar terms, which we forecast at $8,600 in 2015. We also expect that declining domestic purchasing power as a result of exchange rate depreciation and rising inflation will likely hamper Russia's growth prospects.
Balance-of-payment pressures have hit the economy; Russia is experiencing a severe terms-of-trade shock (see "Standard &amp; Poor's Revises Its Crude Oil And Natural Gas Price Assumptions," published Jan. 9, 2015). We nevertheless expect that Russia's current account will remain in surplus over 2015-2018 due to import compression (a consistent drop in import demand).
In our view, balance-of-payment pressures center on the financial account. Private-sector net capital outflows averaged $57 billion annually during 2009-2013; they increased to $152 billion in 2014. Stresses could mount for Russian corporations and banks that have foreign currency debt service requirements without a concomitant foreign currency revenue stream.
We estimate Russia's gross external financing requirement for 2015 at close to 85% of current account receipts (CARs) plus usable reserves. We expect that some of this requirement will be accommodated by dollar sales by the CBR, potentially exerting additional downward pressure on CBR reserves. Our figure for CBR usable reserves deducts from the CBR's reported foreign currency reserves: Investments made by the CBR on behalf of the government; The CBR's foreign currency swaps; Funds received under repos with nonresidents; and Accounts of domestic banks that are counted as reserves.
By this definition, we forecast that reserve coverage of current account payments will decline to about three months by 2017, from seven months in 2014.
That said, Russia maintains a net external asset position. We expect a narrow net external asset position of about 9% of CARs over the 2015-2018 forecast horizon (liquid external assets held by the public and banking sector minus external debt).
On Nov. 10, 2014, the CBR modified its exchange rate regime. It moved from an operational band -- with regular interventions on and outside the borders of the band against a dual currency basket -- to a freer float, with foreign currency interventions permissible in case of financial stability threats. This change should afford the CBR greater ability to conserve reserves. Historically, there is usually a strong correlation between the external value of the ruble and oil prices; this has once again been the case over the past 12 months.
To mitigate oil-price vulnerability, in 2013 the government instituted a fiscal rule that caps government spending based on long-term historical oil prices, while targeting a central government deficit of less than 1% of GDP. This rule is designed to lead to asset accumulation when oil prices are high, and to allow the government to draw on assets when prices are low, thereby reducing the pro-cyclicality of fiscal policy. We expect fiscal policy to significantly loosen as the sharp decline in oil prices, compared to historical prices, allows for higher deficits.
Ruble depreciation supported the government's fiscal position in 2014 because about half its revenues come from hydrocarbons and are priced in U.S. dollars. The U.S. dollar oil price decline of 55% since the start of 2014 was only 10% in ruble terms. As a result, we estimate that the central government posted a small deficit of 0.5% of GDP last year. However, we expect a deterioration in local and regional government balances, which bear the brunt of the government's increased spending on public-sector wages. Overall, we estimate that the general government will post a deficit of 1.3% of GDP in 2014 and an average annual deficit of 2.5% over 2015-2018. Support to the banks through the placement of RUB1 trillion (about 1.4% of GDP) in government bonds was approved in 2014 and is accounted for in government expenditure, though not yet utilized.
We view the modest general government net debt position as a rating strength, as we do its low interest burden as a percentage of revenues. The central government's Reserve Fund and National Wealth Fund, together total about 14% of GDP (although we believe about 1% of GDP of this is invested in non-liquid domestic assets). In our opinion, the central government will progressively use these two funds to increase its support to the economy and the financial system. We understand that RUB500 billion (about 0.7% of GDP) will be taken from the Reserve Fund and put on Ministry of Finance deposit accounts with the domestic banks to improve their liquidity. In our view, this will add to the non-liquid portion of the government's reserve assets, although we understand that at some point in the future these funds could be used for deficit financing.
We view Russia's institutional and governance effectiveness as a rating weakness. Political power is highly centralized with few checks and balances, in our opinion. We do not currently expect that the government will be able to effectively tackle the long-standing structural obstacles (perceived corruption, the weak rule of law, the state's pervasive role in the economy, and the challenging business and investment climate) to stronger economic growth over our 2015-2018 forecast horizon.
OUTLOOK
The negative outlook reflects our view that Russia's monetary policy flexibility could diminish further.
For example, the imposition of exchange controls, if implemented, could further hamper monetary flexibility. We could also lower the ratings if external and fiscal buffers deteriorated at a materially faster pace over the next 12 months than we currently expect.
We could revise the outlook to stable if Russia's financial stability and economic growth prospects were to improve.

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GAIL reports 16.5% growth in its net profit to ₹1,239 crore for the second quarter

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