GAIL India Ltd, the nation’s biggest gas utility, on Tuesday reported a 33% jump in December quarter net profit as it sold more natural gas and transported higher volumes.
Net profit in October-December 2018 at Rs 1,681.23 crore, or Rs 7.46 a share, was higher than the earning of Rs 1,262.22 crore, or Rs 5.60 per share, in the corresponding period of the previous fiscal, the company said in a statement here. The profit was higher “mainly due to better performance by natural gas marketing, natural gas transmission, liquid hydrocarbon (LHC) and LPG transmission segments”, it said.
GAIL sold 9% more natural gas and transported 11% more LPG. Liquid hydrocarbon sales were up 5%. During the April-December period of the current fiscal year, the company’s net profit at Rs 4,903 crore was 36% higher than the profit earned in the year-ago period.
GAIL chairman and managing director BC Tripathi said in the third quarter of the current fiscal, the LHC segments performed remarkably due to better margins. “However the margins in natural gas trading and petrochemical segments were under pressure in the quarter,” he said without giving details. GAIL declared an interim dividend of Rs 6.25 per equity share (face value of Rs 10 each) for the financial year 2018-19.
