Gail India Q2 profit jumps over 2-fold to Rs 924.65 cr

Gail India Q2 profit jumps over 2-fold to Rs 924.65 cr

15/11/2016 17:31

Country’s biggest natural gas supplier firm, Gail (India) Ltd on Tuesday reported a jump of over two-fold in its standalone net profit after taxes (PAT) at Rs 924.65 crore for the second quarter ended September 30, 2016, boosted by a turnaround in its petrochemical business and reduction in interest costs.

“The standalone net profit after taxes (PAT) of the company stood at Rs 330.42 crore during the same period a year ago,” said Gail (India) Ltd in a filing to the Bombay Stock Exchange on November 15, 2016.

However, it’s standalone total income declined by 15 per cent to Rs 12,375.09 crore during Q2 2016-17, as compared to Rs 14,558.58 crore during the same period last year.

“During the quarter, its petrochemical business has seen a turnaround with sales jumping 61 per cent on y-o-y basis,” the company said in a statement.

“The increase in net profit during Q2 was also supported by increase in Natural Gas Marketing & Transmission volumes by 8 per cent and 12 per cent respectively and Liquid Hydrocarbon sales by 9 per cent,” it added.

Meanwhile, shares of the company closed at Rs 435.95 apiece, down 0.60 per cent, from previous close on BSE.

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