New Delhi, May 25 (IANS) State-run gas utility GAIL (India) on Wednesday reported a healthy 51 percent rise in net profits at Rs.770 crore for the fourth quarter ended March buoyed by higher volumes of gas transmission and bigger trading margins.
The company posted a net profit of Rs.511 crore in the same period a year ago, GAIL chairman B.C. Tripathi told reporters here.
“Profit was higher because of higher transmission and trading margins,” Tripathi said.
GAIL’s turnover in the quarter, however, fell 18.3 percent to Rs.11,627 crore. In the same quarter last year, the company’s turnover was Rs.14,235 crore.
Sales fell due to a 15 percent drop in petrochemicals prices and a 38 percent decline in LPG price realisations, the chairman said.
For the full fiscal 2015-16, GAIL reported a net profit of Rs.2,299 crore on a turnover of Rs.51,614 crore. In the previous fiscal, the company had a net profit of Rs.3,039 crore.
GAIL will import 55 shiploads of 3.5 million tons of liquefied natural gas (LNG) in 2016-17, which was the same volume imported in the previous fiscal, Tripathi said.
GAIL stock closed on Wednesday at Rs.381.30 a share, up 10.25 points, or 2.76 percent, over its previous close on the Bombay Stock Exchange.