New Delhi: State gas utility GAIL India Ltd on Tuesday reported a 180 per cent jump in net profit in the second quarter ended September on the back of a turnaround in petrochemical business and reduction in interest cost.
Net profit in July-September rose to Rs 925 crore as against Rs 330 crore in the corresponding period a year ago, the company said in a statement.
"During the quarter, GAIL's petrochemical business has seen a turnaround, with sales jumping 61 per cent on year on year basis. This has resulted in increase in revenue in this segment by 53 per cent at Rs 1,358 crore and the profit stood at Rs 104 crore in this quarter as against loss of Rs 364 crore in the corresponding quarter of the previous year," it said.
The profit rise was supported by an increase in natural gas marketing and transmission volumes by 8 per cent and 12 per cent, respectively, and liquid hydrocarbon sales by 9 per cent.
The profit rise was also due to reduction in interest cost, the statement said without elaborations.
During April-September, GAIL's net profit, after excluding gain from stake sale in Mahanagar Gas Ltd was up 146 per cent at Rs 1,771 crore.
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