New Delhi: State-owned gas utility Gail India Ltd on Friday reported a 46% rise in its third quarter net profit on back of turnaround in petrochemical business.
Net profit of Rs983 crore in the October-December quarter of the current fiscal was higher than Rs676 crore in the same period of 2015-16, Gail said in a statement.
The rise in net profit was “buoyed by a turnaround in petrochemicals segment and increase in profitability of liquid hydrocarbons segment”, Gail said.
The company also registered growth in physical performance in all segments—petrochemical sales were up by 8%, liquid hydrocarbon by 4% and natural gas marketing and transmission volumes were up by 3% and 2%, respectively.
During April-December period of 2016-17, Gail’s net profit was up 133% to Rs3,243 crore.