GAIL (India), on Monday, reported a 15 per cent rise in net profit to Rs.1,134 crore in the April-June quarter from Rs.985 crore in the year-ago period, on higher revenue from trading of gas and sale of liquid hydrocarbons.
Addressing a press conference here, GAIL Chairman and Managing Director B. C. Tripathi said the turnover was up 25 per cent at Rs.11,089 crore. The company paid Rs.700 crore towards LPG subsidy, a marginal increase from Rs.682 crore.
He said sales from natural gas trading increased by 28 per cent to Rs.9,242 crore while revenue from gas transmission fell 2 per cent to Rs.915 crore. Net sales from LPG and other liquid hydrocarbons rose by 32 per cent to Rs.1,072 crore. Earnings before tax from natural gas trading increased by 58 per cent to Rs.495.64 crore while profit before tax from sales of LPG and liquid hydrocarbons climbed 91 per cent to Rs.437.27 crore.
The company plans to invest Rs.7,354 crore on pipeline expansion and other projects, 45 per cent of which would be met through internal resources. The balance would be met through borrowings. GAIL had already raised Rs.750 crore through a rupee bond issue, and would raise $450 million in external commercial borrowings shortly.
GAIL shares gained 3 per cent to settle at Rs.355.75 at close on the BSE.