Gail's 3Q Profit Up 33%

India’s largest gas distributor Gail registered a 33% year-on-year increase in net profit for the three months to December 31 (3Q2019) owing to better performance by gas marketing, gas transmission, liquid hydrogen and LPG transmission segments, it said February 5.  

Net profit during 3Q was rupees 16.81bn ($230mn) compared with rupees 12.62bn in the same quarter of the previous year. The increase in net profit was supported by increase in gas marketing volumes by 9%, LPG transmission volumes by 11% and liquid hydrocarbon sales by 5%. For the nine months to December 31, Gail’s net profit was rupees 49.03bn, up 36% against corresponding period of previous year, the company said.

Gail chairman BC Tripathi said the company expected to achieve capital expenditure outlay of around rupees 70bn during the year ending March 31, 2019, up 70% year-on-year.