GAIL (India) on Wednesday reported 51% jump in the net profit during the fourth quarter of FY16 primarily on higher natural gas trading volumes.
GAIL (India) on Wednesday reported 51% jump in the net profit during the fourth quarter of FY16 primarily on higher natural gas trading volumes. The PSU’s profit after tax during January-March 2016 rose to R770 crore against Rs 511 crore in the corresponding quarter of the previous year.
The net profit is higher despite its turnover being reduced by 22.43% to 11,627 crore in the fourth quarter of FY16 against Rs 14,235 crore in the same quarter last year. Its pre-tax profit too increased 68% to Rs 940 crore in Q4FY16 from Rs 558 crore in the corresponding quarter of the last fiscal.
The reduction in turnover is due to lower petrochemical and LPG prices, said B C Tripathi, chairman and managing director of GAIL (India).“The increase in net profit during Q4 of FY16 as against the corresponding period of the last year was mainly due to increase in natural gas sales and transmission volumes. During the quarter, revenues from natural gas transmission business increased by 11% to Rs 1,028 crore as against Rs 926 crore in the corresponding period of the previous fiscal,” explained Tripathi.