Gail's profit spikes 91% in April-June
Indian state-owned gas utility Gail on August 4 reported a 91% year/year growth in net profit in the three months to June 30 (Q1) on account of higher marketing and transportation volumes, better marketing margins and higher product prices.
The company’s net profit in Q1 came in at 29.15bn rupees ($370mn) versus 15.30bn rupees in the same quarter last year. Gail recorded a 116% yr/yr increase in revenue from operations to 375.72bn rupees in Q1.
Gail said it commissioned the 533-km Bokaro-Angul pipeline section of Jagdishpur- Haldia & Bokaro – Dhamra Natural Gas Pipeline (JHBDPL) during the quarter. With this, 1,642 km of JHBDPL, popularly known as Pradhan Mantri Urja Ganga, has been commissioned, while the remaining sections are expected to be completed by June 2023.
The company in Q1 had approved the setting-up of a small-scale LNG plant on a pilot basis and an order for two small-scale liquefaction skids has been placed.
“This will help provide natural gas to geographical areas not connected to the main natural gas pipeline, facilitate LNG as transport fuel and help monetise stranded and isolated upstream gas assets,” Gail managing director Manoj Jain said.