GAIL Q2 profit soars 41% to Rs1,309.4 crore
New Delhi:State-owned gas utility GAIL India Ltd on Tuesday reported a 41.6% jump in its second quarter profit as earnings from gas transportation and marketing business soared.
Net profit in July-September was at Rs1,309.63 crore, or Rs7.74 a share, which was 41.6% higher than Rs924.65 crore, or Rs5.47 per share, in the same period a year ago, the company said in a statement. GAIL, which owns the biggest natural gas pipeline network in the country, earned Rs853.48 crore pre-tax profit from gas transmission business in the quarter as compared to Rs660.74 crore last year.
The firm transported and marketed 5% more gas volumes in the July-September quarter, the statement said. Earnings from natural gas marketing rose 27% to Rs419.74 crore while the same from petrochemical business nearly halved to Rs88.81 crore.
Revenue fell by about 1% to Rs12,409.65 crore. GAIL said all the business segments registered positive physical growth both sequentially and on year-on-year basis. “The increase in net profit in Q2 FY 2017-18 on year-on- year basis, was supported by increase in natural gas transmission and marketing volumes by 5 per cent each, LPG transmission by 11 per cent, petrochemicals sales by 29 per cent and liquid hydrocarbon sales by 17 per cent,” it said.
On half yearly basis, net profit at Rs2,335 crore was 32% higher than year ago profit.