State gas utility GAIL India Ltd today reported a 244 percent jump in its June quarter net profit, boosted by a turnaround in petrochemical business and sale of stake in Mahanagar Gas, which retails CNG in Mumbai.
Net profit in April-June 2016 at Rs 1,335 crore compared with Rs 388 crore in the same period a year ago, the company said in a statement here.
This was mostly because of the revenue GAIL got from the IPO of Mahanagar Gas Ltd.
“GAIL’s PAT excluding gain from stake sale in Mahanagar Gas Limited is Rs 846 crore, signifying an increase by 118 percent,” it said.
During the quarter, GAIL’s petrochemical business saw a turnaround with production and sales jumping 149 percent and 121 percent respectively.
This resulted in revenue increase in this segment by 95 percent to Rs 1,133 crore, while the profit stood at Rs 9 crore as against loss of Rs 397 crore in the corresponding period of the previous year.
“The increase in net profit during Q1 of financial year 2016-17 was also supported by increase in natural gas sales and transmission volumes which increased by 15 percent and 10 percent respectively,” it said, without giving details.