On Thursday, GAIL reported a 90.5% jump in its June quarter net profit at ₹2,915 crore. The rise in year-on-year profit was on the back of bumper earnings from natural gas marketing. The company had posted a net profit of ₹1.530 crore for the year-ago period.
Sequentially, the profit was lower than ₹1,529.92 crore net earnings in the March quarter. The company’s revenue from operations rose 116% year-on-year to ₹37,572 crore in the quarter under review as against ₹17,387 crore for the same quarter last fiscal.
The margin on gas marketing made up for a 12.5% decline in earnings from the gas transportation business and a 74% drop in petrochemicals earnings. Turnover more than doubled to ₹38,033.30 crore in April-June quarter, from ₹17,702.43 crore a year back, the statement showed.