NEW DELHI: Gas utility GAIL on Wednesday posted a net profit of Rs 1,487 crore in the October-December period, up 19% from Rs 1,250 crore in the previous corresponding quarter, on the back of gains from the petrochemical business.
Petrochem business was back in black with a pre-tax profit of Rs 434 crore in the quarter under review against a loss of Rs 8.5 crore in the same period of the previous year.
But natural gas marketing ran up a loss of nearly Rs 74 crore against a pre-tax profit of Rs 466.5 crore. Gas transportation, the company’s mainstay, was almost flat as was LPG and liquid hydrocarbons business.
Turnover rose 13% Rs 15,386 crore.
A company statement said there were quarter-on-quarter improvement in all segments of the business during the quarter, with gas transmission rising 4% quarter-on-quarter, gas marketing 8%, LPG transmission and petrochemical sales 3% each and liquid hydrocarbon sales 8%.
Net profit for the nine months ended December 31, 2020, was lower at Rs 2,983 crore against Rs 3,602 crore in the April-December period of 2019-20. Turnover was also lower at Rs 41,057 crore against Rs 54,021 crore in the previous corresponding period.