Gail net up 11% on gas volumes

Gail India Ltd on Wednesday announced a 11% year-on-year jump in net profit at Rs 985 crore for the quarter ended June against Rs 887 crore last year on increased gas transportation during the period.

Gail India Ltd on Wednesday announced a 11% year-on-year jump in net profit at Rs 985 crore for the quarter ended June against Rs 887 crore last year on increased gas transportation during the period.

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“The increase is largely on account of trading and increase in the transmission of natural gas and liquefied natural gas (LNG),” said BC Tripathi, chairman and MD, Gail.

Net Profit rose despite a 53% rise in the company’s subsidy share towards LPG at Rs 682 crore.

The state-owned firm will invest Rs 8,270 crore towards capital expenditure this fiscal.