New Delhi: GAIL (India) Ltd, the nation's largest natural gas utility, on Friday reported more than doubling of its net profit in the September quarter after it again started making money on gas marketing.
Net profit of Rs 2,862.95 crore, or Rs 6.45 per share, in July-September, was 131 per cent higher than Rs 1,239.67 crore, or Rs 2.75 a share, in the same period last fiscal, according to the company's stock exchange filing.
Sequentially, net profit was up 87 per cent over Rs 1,529.92 crore earning in the April-June quarter of the current fiscal.
GAIL is India's biggest natural gas marketing and transporting firm, supplying environment-friendly fuel to power plants, fertilizer units, city gas operators and industries. It also owns a petrochemical plant.
Revenue rose 57 per cent to Rs 21,515.30 crore in the second quarter of the current fiscal.
The profit jump came on the back of natural gas marketing returning to black. The segment posted a pre-tax profit of Rs 1,078.92 crore in Q2 as compared to a loss of Rs 363.98 crore a year back.
Natural gas transmission earnings were almost flat while pre-tax profit from the petrochemical business doubled to Rs 363.29 crore.
PTI
