Indian Gail's Annual Profits Up 10%

India’s largest gas marketing firm Gail’s standalone net profits during the 12 months until March 31 stood at rupees 66.21bn ($880mn), up 10% yr/yr thanks to lower taxes, the company said on June 24 in a statement.

The revenue for the year was rupee 717.3bn as against rupee 748.08bn in the previous year. In the three months to March 31, Gail net profit was rupee 30.18bn, up 169% yr/yr, the company said.  

On the consolidated basis, the company’s net profit during the year was rupees 94.22bn, up 44% yr/yr owing to contributions from Indraprastha Gas, Mahanagar Gas, Gail Gas, Petronet LNG, Konkan LNG and Brahmaputra Cracker & Polymer.  

Gail said it spent rupee 61bn in capital expenditure during the year, mainly in the on-going pipeline projects.