GAIL (India) Ltd has reported a ₹1,259.25 crore net profit for the first quarter of financial year 2018-2019. This is 22.77 per cent higher than the ₹1,025.64 crore net profit reported by the company in the corresponding quarter of financial year 2017-2018.

The total income for the company rose to ₹17,418.20 crore during the quarter under consideration. This stood at ₹11,686.64 crore in the corresponding quarter of the last financial year.

A company statement said gross sales in the first quarter of financial year 2018-2019 stood at ₹17,262 crore. This is an increase of 50 per cent from ₹11,540 crore gross sales in the first quarter of financial year 2017-2018.

“The increase in net profit in the first quarter of financial year 2018-2019 on a year-on-year basis was supported by better physical performance in every segment, Natural Gas Marketing & Transmission volumes were up by 24 per cent and 7 per cent respectively, petrochemical sales were up by 27 per cent, liquid hydrocarbon sales were up by 7 per cent and LPG Transmission was up by 1 per cent,” the statement added.

“While all segments contributed positively to the company’s profit, the Gas Trading and Petrochemicals Segments performed better than in the last quarter due to an improved physical performance in the Gas Trading segment and better margins in the petrochemicals segment.”

Chairman and Managing Director at GAIL, B C Tripathi said, “The current financial year also saw important agreements entered by the company. GAIL inked a joint venture agreement with the Greater Calcutta Gas Supply Corporation Ltd. (a Govt. of West Bengal entity) for operating the city gas network in the Kolkata geographical area.

GAIL also signed a tolling agreement with Dhamra LNG Terminal Pvt Ltd for 1.5 MMTPA Regas Capacity at Dhamra LNG Terminal, Odisha for securing RLNG/LNG supply in Eastern Region of the country.”

Related Topics