Higher petrochem margins and increased value of traded gas help GAIL attain 31% rise in net profits

Owing to increased margins in the petrochemicals and increase in volumes of gas transported, Gas Authority of India (GAIL) reported an unexpected 31% rise to reach Rs. 897 crore in Q1 of 2008 from Rs. 685 crore in the corresponding quarter last year. Higher margin per unit of petrochemical has helped increase GAIL's revenue from petrochemical business by 20% to Rs. 801 crore. Revenues from natural gas trading during the quarter stood at Rs. 4,119 crore, against Rs. 2,956 crore of previous year. However, GAIL shelled out Rs. 475 crore, including balance Rs. 87 crore from Q4 of last year towards LPG and kerosene subsidy, compared to a subsidy of Rs 272 crore in Q1 of last year.
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