GAIL (India) Limited reported a ₹1,309.63 crore net profit for the second quarter of the financial year 2017-2018. This is 41.63 per cent higher than the ₹924.65 crore bottom line reported by the company in the corresponding quarter of the financial year 2016-2017.
The rise in bottom line was much higher than the increase in total income of the company. The company’s total income for the second quarter of the current financial year is at ₹12,702.50 crore, 2.64 per cent higher than the ₹12,375.35 crore reported in the corresponding quarter of the last financial year.
GAIL, which owns the biggest natural gas pipeline network in the country, earned Rs 853.48 crore pre-tax profit from gas transmission business in the quarter as compared to ₹660.74 crore last year.
The firm transported and marketed 5 per cent more gas volumes in the July-September quarter, the statement said.
Natural gas and petrochemical business
Earnings from natural gas marketing rose 27 per cent to ₹419.74 crore while the same from petrochemical business nearly halved to ₹88.81 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 ₹2,335 crore was 32 per cent higher than year ago profit.
(with inputs from PTI)