GAIL (India) Ltd, a state-owned gas utility, has announced a notable surge of 56 percent in its net profit for the September quarter. This impressive increase can be attributed to the substantial earnings generated from its gas transmission and marketing business, which offset the losses incurred in the petrochemical segment. The company’s standalone net profit for July-September stood at Rs 2,404.89 crore, marking a 54.4 percent rise compared to the previous year’s same period profit of Rs 1,537.07 crore. This information was disclosed in the company’s stock exchange filing.
GAIL witnessed a remarkable surge of 82 percent in pre-tax earnings from its primary gas transportation business, amounting to Rs 1,290.65 crore during the second quarter of the current fiscal year. Additionally, its pre-tax earnings from natural gas marketing experienced a significant jump of nearly 400 percent, reaching Rs 1,784.58 crore.
The losses incurred in the petrochemical segment showed a decreasing trend, narrowing down to Rs 160.61 crore from Rs 346.22 crore in July-September 2022. On the other hand, the company’s revenue from operations witnessed a decline, amounting to Rs 31,882.62 crore for July-September, compared to Rs 38,490.89 crore in the previous period. This drop in revenue can be attributed to lower gas prices.
GAIL’s successful financial performance in the September quarter highlights its strong position in the gas industry. With impressive growth in its mainstay businesses and improvements in the petrochemical segment, the company is well-positioned for continued success in the future.
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