GAIL registers 22% growth in net sales for Q2-08

GAIL has registered a 22% growth in net sales at Rs 4,529 crore and a 28% growth in PAT at Rs 572.54 crore for Q2-08. Turnover rose mainly due to volume gains, and net profit was also boosted by higher operating margin. Profit growth was aided by a strong 38% cut in its subsidy, enabling the company to register profits in its LPG business, which had incurred losses in the corresponding quarter last year. For GAIL, the best-performing segment in this quarter was petrochemicals, which witnessed a 37% growth in turnover at Rs 640.2 crore as polymer sales spiked to 96,000 tons. As the margins expanded, PBIT from this segment went up by 83.4% to Rs 319.53 crore. The company's effective tax rate rose to 35.6% during the quarter, up from 23.2% in the same quarter last year, due to the expiry of income tax holiday of its petrochemicals plant at Pata and LPG plants.
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