The Hindu Business Line : GAIL’s Q1 net up 16% at Rs 685 cr

New Delhi, July 27 Petrochemicals and liquefied petroleum gas transmission business propelled GAIL (India) Ltd’s growth in the first quarter of the current financial year. The company saw a 16 per cent jump in profit after tax (PAT) and four per cent increase in turnover for the first quarter of 2007-08.

The company reported a PAT of Rs 685 crore in the quarter under review against Rs 592 crore in the corresponding quarter in the previous year. Turnover (excluding excise duty) increased to Rs 4,246 crore (Rs 4,078 crore).

According to GAIL, the profit before tax (PBT) has also increased by 14 per cent to Rs 969 crore (Rs 852 crore).

“The increase in revenue is mainly due to higher per unit realisation from petrochemicals, the increase in production of petrochemicals by 29 per cent and increase in LPG transmission by 19 per cent during the quarter,” the company said.

Revenues from petrochemicals business have increased by 41 per cent to Rs 778 crore (Rs 550 crore). Revenues from LPG transmission increased by 30 per cent to Rs 92 crore (Rs 71 crore). Revenues from LPG and liquid hydrocarbons business rose 5 per cent to Rs 675 crore (Rs 641 crore).

However, revenues from natural gas transmission business dipped during the quarter, mainly due to the reduction in tariff for HVJ and Krishna Godavari Basin pipeline networks, the company said. Revenues from natural gas trading stood at Rs 2,956 crore (Rs 2,978 crore).

Revenues from natural gas transmission business stood at Rs 540 crore (Rs 600 crore).

GAIL has shared Rs 272 crore towards LPG and kerosene subsidy in the first quarter of the current financial year against a provisional subsidy of Rs 250 crore during the corresponding quarter previous year.

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