State gas utility GAIL India on Tuesday reported a 31 per cent growth in first quarter net profit on higher petrochemical margins and increase in volumes of gas traded and transported.
Net profit in April-June stood at Rs 897 crore improved over Rs 685 crore from the corresponding period of last fiscal, a company statement said here.
“The increase in revenue is mainly due to higher trading and transportation of natural gas, higher per unit realisation from petrochemicals and liquid hydrocarbons products,” it said.
Turnover rose 35 per cent to Rs 5,731 crore in the first quarter of 2008-09, against Rs 4,246 crore a year ago.
GAIL shelled out Rs 475 crore, including balance Rs 87 crore, relating to fourth quarter of the fiscal 2007-08 towards LPG and kerosene subsidy, compared to a subsidy of Rs 272 crore in the first quarter of last year. Upstream firms ONGC, GAIL and Oil India bear about one-third of the total revenue loss on fuel sales incurred by retailers IOC, BPCL and HPCL as they are not allowed to raise retail prices in line with cost.
During the quarter, revenue from petrochemicals business increased 20 per cent to Rs 801 crore, while the same from LPG transmission fell 7 per cent to Rs 86 crore. Revenues from LPG and liquid hydrocarbons business increased 25 per cent to Rs 800 crore. Revenues from natural gas trading during April-June this year stood at Rs 4,119 crore, against Rs 2,956 crore a year ago.
Revenues from natural gas transmission was Rs 621 crore, against Rs 540 crore in the first quarter of last fiscal.GAIL transported 84.5 million standard cubic metres per day of natural gas in the first quarter, against 78.7 mmscmd the previous year.