GAIL (India) on Tuesday reported a 28 per cent jump in its March quarter profits helped by higher revenues from gas trading and petrochemicals.
The net profit in January-March at Rs.618.18 crore was 27.89 per cent higher than Rs.483.34 crore net profit in the same period a year ago, Chairman and Managing Director B. C. Tripathi told reporters here.
The company plans to hike capacity of the just commissioned Dabhol LNG import terminal as well as venture into shipping of gas in its liquid form (LNG).
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While revenues from natural gas transmission fell to Rs.458.14 crore from Rs.846.32 crore in Q4 of 2011-12, its income from natural gas trading soared to Rs.10,552.30 crore from Rs.9,121.25 crore. Also, revenues from petrochemical business jumped to Rs.1,203.90 crore from Rs.962.87 crore.
Also contributing to the profits was the decline in subsidy it has to pay so that cooking gas (LPG) is sold to consumers at sub-market prices.
Turnover in January-March 2013 rose to Rs.12,470.70 crore from Rs.10,501.33 crore in the same period a year ago.
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The company said consolidated net profit in 2012-13 fiscal at Rs.4,316.67 crore was lower than Rs.4,400.83 crore in the previous year.
The board recommended a final dividend Rs.5.60 per share for 2012-13.