The share price of GAIL India rose over 2 percent in early trade on Thursday after the company reported its earnings for the fourth quarter of fiscal 2021.

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The company’s net profit in the quarter ended March 2021 rose 28.3 percent to Rs 1,908 crore from Rs 1,487.3 crore in the December 2020 quarter.

Revenue during the quarter fell 0.1 percent to Rs 15,449 crore from 15,454.3 crore, QoQ.

At the operating level, EBITDA increased 28.4 percent to Rs 2,465 crore from Rs 1,919.5 crore and EBITDA margin improved to 16 percent from 12.4 percent, QoQ.

The Petrochemical business has shown better performance with more than 100 percent capacity utilisation. The sales increased by 18 percent to 871 TMT. The Petrochemical plant recorded highest ever production of 813 TMT.

The segment reported a PBT of Rs 1,027 crore in FY 2021 on account of better physical performance and improved price realisation, GAIL India said in a release.

Global brokerage JPMorgan maintained an Overweight rating on the stock and raised the target to Rs 197 per share on strong Q4FY21 performance.

"GAIL’s gas trading segment reported EBITDA after loss for three quarters, while near-term oil price strength should support earnings," JPMorgan said.

Jefferies maintained a Hold rating with the target at Rs 150 per share. It raised FY22 EPS estimate by 6 percent. Petchem volumes and realisations surprised positively, Jefferies said.

At 9:50 am, the stock was trading 1.14 percent higher at Rs 164.05 apiece on the BSE.

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