PSU IN MEDIA
GAIL India second quarter net profit more than doubles to Rs 924 crore
New Delhi: GAIL (India) Ltd, India’s largest natural gas transmission utility, today reported its net profit in the second quarter current financial year more than doubled on account of other income from sale of stake in Mahanagar Gas (MGL).
The state-owned firm registered a net profit of Rs 924 crore for the three months ended September 2016 as compared to Rs 440 crore in the corresponding quarter last fiscal. The company attributed the higher profit to better performance in petrochemical business and reduction in interest cost.
“During the quarter, GAIL’s petrochemical business has seen a turnaround with sales jumping 61 per cent on Year-on-Year basis. This has resulted in increase in revenue in this segment by 53 per cent to Rs 1,358 crore and the profit stood at Rs 104 crore in this quarter as against loss of Rs 364 crore in the corresponding quarter,” GAIL said in a statement.
The company’s other income included Rs 489 crore (net of expenses) from partial offload of 12.3 million equity shares of Mahanagar Gas Ltd, a JV company, through initial public offer reported in quarter ended June 30, 2016.ET Energy world
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