Gail's Q3 Profit Up 28%
India’s biggest gas distribution and marketing firm Gail registered a 28% year on year increase in profit during October-December 2017 (Q3 in Gail's reporting year), as against the same quarter in 2016, mainly due to the better performance by liquid hydrocarbon and gas marketing and transmission segments, it said February 12.
Gail’s profit for Q3 rose to rupees 12.62bn ($196mn) from rupees 9.83bn in the same period in 2016.
Natural gas transmission and marketing volumes increased by 6% each, petrochemicals sales by 21%, liquid hydrocarbon sales by 10% and LPG transmission by 2% in Q3, as compared to the corresponding quarter in the previous year.
“All the segments have registered physical growth as compared to previous year, which is reflected in both the top line and the bottom line of the company. Along with the operational growth, company is also increasing its natural gas pipeline infrastructure,” B C Tripathi, chairman, Gail said.
Gail is working on an ambitious natural gas pipeline project, the Jagdishpur-Haldia & Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project. The 2,655-km JHBDPL project was inaugurated in July 2015 and is in full swing, Gail said last month. The pipeline will pass through the under served eastern Indian states of Uttar Pradesh, Bihar, Jharkhand, West Bengal and Odisha.
Gail said that city gas distribution infrastructure is also being expanded together with its subsidiaries.