MRC -- State-owned gas utility GAIL posted a 56% jump in the net profit during the September quarter buoyed by expanding gas transmission volumes and margins on the back of rising consumption, as per MSN.
Standalone net profit stood at Rs 2,404.8 crore during the July-September period against Rs 1,537.07 crore in the year-ago period. Pre-tax earnings from gas transportation business soared 82% to Rs 1,290.6 crore, while pre-tax earnings from the gas marketing jumped nearly 400% to Rs 1,784.58 crore.
These earnings helped offset losses in the petrochemical business, which narrowed to Rs 160.6 crore from Rs 346.2 crore in July-September 2022. Revenue from operations dropped to Rs 31,882.6 crore in July-September from Rs 38,490.89 crore on lower gas prices.
We remind, GAIL India is looking to allot Rup 30,000 crore of investment in the succeeding three years for pipelines, city gas distribution projects, existing petrochemical projects, equity contribution in group firms, and operational capex. It also anticipates polymer sales to rise twofold and natural gas transmission volume to increase by 12% in FY 2024. (1 crore=10 M, 1 lakh=100,000).