Petrochemicals help GAIL report higher net profit for Q2

25-Oct-11

Gail India Ltd. has reported a higher net profit on increased revenues for the second-quarter of this financial year- Rs.1094.41 crore, 19 percent higher than the Rs.923.55 crore. Net revenue from operations for the quarter increased by 20% to Rs.9,699.02 crore from Rs.8,104.09 crore for the same period last year, while other operating income was Rs.27.38 crore, compared with Rs.24.13 crore in the corresponding quarter last year. Revenue from Petrochemicals segment totaled Rs.937.64 crore, up by 30% from the Rs.720.89 crore for the same period last year. One of the reasons for the better performance of the petrochemicals business is an improvement in sales volume. After a weak performance in the June quarter, the petrochemicals business of GAIL (India) Ltd has done well in the September quarter, boosting overall performance to that extent. For the six-month period, GAIL reported a net profit of Rs.2,079.08 crore, higher by 15% than the Rs.1,810.43 crore for the comparable period a year-ago. Total revenue, including other operating income, increased by 22% to Rs.18,615.40 crore from the Rs.15,243.97 crore in the corresponding period last year.