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GAIL (India) Ltd reported a 42 per cent increase in its net profit for the second quarter of fiscal 2014-15 on the back of improved performance of its LPG and liquid hydrocarbon business. Net profit for the quarter stood at ₹ 1,303 crore as against ₹ 916 crore in the same quarter last year.
GAIL’s LPG and liquid hydrocarbons business registered a profit before interest and tax of ₹ 901 crore as against a loss of ₹ 227.94 crore in the same quarter last year.
During the quarter the company’s net sales increased by about 1 per cent to ₹ 14,130 crore as against ₹ 14,002 crore in the same quarter last year.
Net revenues were helped by higher petrochemical revenues during the quarter of 110,000 tonne as against 108,000 tonne in the corresponding quarter last year. Net sales from the petrochemical business stood at ₹ 1,281.41 crore.
The LPG and liquid hydrocarbons business had a net revenue of ₹ 1,704 crore as against ₹ 1,039 crore in the same quarter last year. This was despite a weaker physical performance which saw sales volumes drop to 322,000 tonne as against 337,000 tonne in the same quarter last year.
The company’s core business of natural gas marketing had net revenue of ₹ 11,819 crore, a 4.5 per cent drop from ₹ 12,378 crore in the same quarter last year.
On Friday, GAIL’s shares closed 3.83 per cent higher on the BSE at ₹ 529.15 a piece.
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