GAIL’s second quarter net up 18.50 percent

October 24th, 2011 - 8:35 pm ICT by IANS  

Mumbai, Oct 24 (IANS) State-run gas utility company GAIL Monday reported an increase of 18.50 percent in net profit for the second quarter of the current fiscal at Rs. 1,094.41 crore as compared to Rs.923.55 crore in the like period of 2010-11.

The company’s total income for the quarter under review rose 19 percent at Rs.9,842.4 crore from Rs.8,278.1 crore in the like period of last fiscal. The other income of the company increased at Rs.27.38 crore, from Rs.24.13 crore in the like period of last fiscal.

The company reported a minimal increase in net sales for transmission of natural gas at Rs.979.99 crore as compared to Rs.979.32 crore in the second quarter of 2010-11.

Meanwhile, the LPG transmission business of the company reported a decline of four percent in its net sales for the period under review at Rs.109.83 crore from Rs.114.08 crore in the corresponding period of last fiscal.

The net sales of petrochemical business of the company grew by 30 percent at Rs.937.64 crore as against Rs.720.89 crore in the corresponding period of last fiscal.

The LPG and liquid hydrocarbon segment of the company’s net sales rose by 34.20 percent at Rs.988.72 crore as against Rs.736.71 crore in the corresponding period of 2010-11.

The company further said that it has given discounts worth Rs.566.60 crore for the quarter ended Sep 30, which is higher by 63.58 percent it gave in discounts in the like period of last fiscal.

“In terms of the decision of the government of India to share the under-recoveries on LPG, the company has provided discount of Rs.56,660 lakh for the quarter ended Sep 30 (previous year corresponding quarter Rs.34,637 lakhs),” the company said in a regulatory filling to the Bombay Stock Exchange (BSE).

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