Indian Gail's profit jumps 500% in Apr-Jun
India's biggest gas transportation and marketing company Gail on August 5 reported a 497% year/year increase in standalone net profit in the three months to June 30 (Q1FY2021-22) owing to improved gas marketing margins. It also realised higher prices in petrochemicals and liquid hydrocarbons segments.
The profit in Q1 came in at 15.3bn ($210mn) rupees as against 2.56bn rupees in the same period of last year. During the quarter, natural gas transmission and natural gas marketing volume increased by 19% yr/yr and 18% yr/yr respectively as compared with corresponding quarter in the previous year. The profit was, however, lower than the 19bn rupees reported in the preceding January-March quarter.
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Manoj Jain, managing director, Gail stated that the company is executing pipeline projects of around 8,000 km with investment of around 380bn rupees.