GAIL Q3 profit up 46% at 983 cr

State-owned gas utility GAIL India Ltd today reported 46% rise in its third quarter net profit on back of turnaround in petrochemical business.

State-owned gas utility GAIL India Ltd today reported 46% rise in its third quarter net profit on back of turnaround in petrochemical business.

GAIL pipeline in Madhya Pradesh. The hydrocarbon company announced a 46% jump in profit in the third quarter of 2016-2017. (HT Archive)

Net profit of Rs 983 crore in the October-December quarter of the current fiscal was higher than Rs 676 crore in the same period of 2015-16, the company said in a statement.

The rise in net profit was “buoyed by a turnaround in petrochemicals segment and increase in profitability of liquid hydrocarbons segment”, GAIL said.

The company also registered growth in physical performance in all segments -- petrochemical sales were up by 8%, liquid hydrocarbon by 4% and natural gas marketing and transmission volumes were up by 3% and 2%, respectively.

During April-December period of 2016-17, GAIL’s net profit was up 133% to Rs 3,243 crore.