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GAIL (India) Ltd has reported an 11 per cent increase in net profit at Rs 985 crore (Rs 887 crore) during the first quarter of the current fiscal.
The rise in net profit was driven by higher volume of natural gas transmission and increase in price of APM gas, LPG and liquid hydrocarbons, Mr B.C. Tripathi, Chairman and Managing Director, GAIL, said.
The company’s turnover during the quarter reported an increase of 25 per cent to Rs 8,867 crore (Rs 7,096 crore).
Net sales from natural gas trading increased 32 per cent and revenues from natural gas transmission rose 5 per cent. For the quarter, GAIL shared Rs 682 crore (Rs 445 crore) towards LPG subsidy.
Capex plans
GAIL has planned a capex of Rs 8,270 crore for this fiscal. Of this, Rs 3,775 crore will be borrowed, Mr Tripathi said. The company has already tied up loan of Rs 1,700 crore and another Rs 2,000 crore will be raised through overseas loan and rupee bond issue.
To meet the domestic gas demand GAIL plans to import five to six LNG cargoes in the second quarter of the current fiscal. The company plans to set up an LNG trading desk in Singapore, Mr Tripathi said.
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