GAIL Q1 net profit jumps 51% on marketing margins

AgenciesUpdated: Thursday, August 04, 2022, 04:49 PM IST
article-image
GAIL Q1 net profit jumps 51% on marketing margins |

GAIL (India) Ltd, the nation's largest gas utility, on Thursday reported a 51 per cent jump in its June quarter net profit on the back of bumper margins from gas marketing.

GAIL posted a consolidated net profit of Rs 3,250.95 crore, or Rs 7.34 per share, in April-June compared to Rs 2,157.15 crore, or Rs 4.81 a share, net profit in the same period a year back, the company said in a regulatory filing.

Sequentially, the profit was lower than Rs 3,473.77 crore net earnings in the January-March quarter.

The rise in year-on-year profit was on the back of bumper earnings from natural gas marketing.

The firm reported a pre-tax profit of Rs 2,317.91 crore from natural gas marketing in the first quarter of the current fiscal, as compared to Rs 449.84 crore pre-tax profit a year back and Rs 1,976.23 crore in the preceding quarter.

The margin on gas marketing made up for a 12.5 per cent decline in earnings from the gas transportation business and a 74 per cent drop in petrochemicals earnings.

Turnover more than doubled to Rs 38,033.30 crore in April-June quarter, from Rs 17,702.43 crore a year back, the filing showed.

GAIL said the earnings per share have been adjusted on account of a buyback of 1.28 per cent shares by the company.

Last month, the board of directors of the company had recommended the issue of one bonus share for two existing equity shares.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai updates: Tata Marathon to be held in city on January 15 after two-year gap

Mumbai updates: Tata Marathon to be held in city on January 15 after two-year gap

West Bengal: CBI gets 10-day custody of TMC leader Anubrata Mandal in the cattle smuggling scam

West Bengal: CBI gets 10-day custody of TMC leader Anubrata Mandal in the cattle smuggling scam

Mumbai student wins World Youth Transnational Bridge Championships in Singapore

Mumbai student wins World Youth Transnational Bridge Championships in Singapore

'Please come and stay as long as you want to': Bihar Dy CM Tejashwi Yadav to central agencies

'Please come and stay as long as you want to': Bihar Dy CM Tejashwi Yadav to central agencies

Madras HC quashes FIR against 'Jai Bhim' actor Suriya, director Gnanavelraja for hurting sentiments...

Madras HC quashes FIR against 'Jai Bhim' actor Suriya, director Gnanavelraja for hurting sentiments...