Despite a subsidy outgo of Rs 567 crore, state-owned gas utility GAIL (India) Ltd on Monday reported a 19% year-on-year rise in net profit to Rs 1,094 crore during the July-September quarter against Rs 924 crore last year.
The company recorded a 20% jump in turnover at Rs 9,699 crore during the second quarter of the current fiscal year.
GAIL attributed the increase in net profit to higher revenues from natural gas trading, LPG and liquid hydrocarbons business.
The company is likely to open a liquefied natural gas (LNG) trading desk in Singapore next week to source fuel for meeting growing energy demand. According to sources, GAIL CMD BC Tripathi is scheduled to travel to Singapore next week to open the trading desk.