Gail India Ltd logo.
Credit: Reuters Photo
New Delhi: State-owned gas utility GAIL (India) Ltd on Tuesday reported a 56 per cent jump in its September quarter net profit as bumper earnings from gas transmission and marketing business offset petrochem losses.
Standalone net profit of Rs 2,404.89 crore in July-September, or Rs 3.66 per share, was 54.4 per cent higher than Rs 1,537.07 crore, or Rs 2.34 a share, profit in the same period last year, according to the company's stock exchange filing.
GAIL saw pre-tax earnings from its mainstay gas transportation business soar 82 per cent to Rs 1,290.65 crore in the second quarter of the current fiscal. Also, its pre-tax earnings from the marketing of natural gas also jumped almost 400 per cent to Rs 1,784.58 crore.
Losses in the petrochemical business narrowed to Rs 160.61 crore from Rs 346.22 crore in July-September 2022.
Its revenue from operations dropped to Rs 31,882.62 crore in July-September from Rs 38,490.89 crore on lower gas prices.