GAIL net up 15%; to commission Dabhol gas terminal by Nov | business | Hindustan Times
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GAIL net up 15%; to commission Dabhol gas terminal by Nov

State-owned gas utility GAIL (India) Ltd on Monday reported a 15% year-on-year rise in its net profit at Rs 1,134 crore in the quarter ended June from Rs 985 crore for the same period last year as its fuel subsidy burden rose marginally.

business Updated: Jul 30, 2012 22:14 IST
HT Correspondent

State-owned gas utility GAIL (India) Ltd on Monday reported a 15% year-on-year rise in its net profit at Rs 1,134 crore in the quarter ended June from Rs 985 crore for the same period last year as its fuel subsidy burden rose marginally.

The company paid Rs 700 crore towards LPG subsidy in the first quarter of the current financial year from Rs 682 crore same period last year. The company’s turnover rose 25% to Rs 11,089 crore.

GAIL chairman BC Tripathi said the company will commission its LNG terminal at Dabhol, on the west coast, in October or November.

The terminal will operate initially at about 2.5 million tonnes a year, half of its installed capacity, he added.

With gas demand expected to grow at 14% in the next five years, Asia’s third-largest economy is scouting for long-term LNG contracts, and aims to increase its LNG handling capacity to 50 million tonnes a year by 2017 from 13.5 million tonnes now.