GAIL records 16% rise in net profits in QI-07

30-Jul-07

GAIL (India) Ltd. has recorded an impressive growth in Q1-07. Profit After tax (PAT) has increased by 16% to Rs.685 crore in Q1-07 as against Rs 592 crore in the corresponding quarter in the previous year. Turnover of the Company (excluding Excise Duty) has increased by 4% to Rs. 4,246 crore in the first quarter of 2007-08 as against Rs 4078 crore in the first quarter of the previous financial year. The Profit Before Tax (PBT) has also increased by 14 % to Rs 969 crore in the first quarter of the current financial year as against the Profit Before Tax of Rs 852 crore in the corresponding quarter the previous year. The increase in revenue is mainly due to higher per unit realisation from petrochemicals, the increase in production of Petrochemicals by 29% and increase in LPG transmission by 19% during the quarter. During the quarter, polymer sales were 105000 MT, up by 29% from 81,000 MT in the corresponding quarter in the previous year. The decrease in revenues from Natural Gas Transmission was due to the reduction in Tariff for HVJ and KG basin pipeline networks. During the quarter, revenues from Petrochemicals business have increased by 41% to Rs 778 crore as against Rs 550 crore in the corresponding period of last year. The revenues from LPG transmission during the first quarter of the current financial year have increased by 30% to Rs 92 crore as against Rs 71 crore in the corresponding period last year. The revenues from LPG and Liquid Hydrocarbons business during the first quarter of the current financial year have increased by 5% to Rs 675 crore as against Rs 641 crore in the corresponding period of last year.