GAIL Q2 net soars 41% to `1,309 cr

Financial Chronicle - - COMPANIES -

STATE-OWNED gas util­ity GAIL In­dia on Tues­day re­ported a 41.6 per cent jump in its sec­ond quar­ter profit as earn­ings from gas trans­porta­tion and mar­ket­ing busi­ness soared.

Net profit in Ju­lySeptem­ber at Rs 1,309.63 crore, or Rs 7.74 a share, was 41.6 per cent higher than Rs 924.65 crore, or Rs 5.47 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 Rs 853.48 crore pre-tax profit from gas trans­mis­sion busi­ness in the quar­ter as com­pared to Rs 660.74 crore last year.

The firm trans­ported and mar­keted 5 per cent more gas vol­umes in the July-Septem­ber quar­ter, the state­ment said.

Earn­ings from nat­u­ral gas mar­ket­ing rose 27 per cent to Rs 419.74 crore while the same from petro­chem­i­cal busi­ness nearly halved to Rs 88.81 crore. Rev­enue fell by about one per cent to Rs 12,409.65 crore.

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