GAIL India March quarter net profit posts four-fold jump to Rs 10.21 bn

State gas utility GAIL India on Thursday reported a near four-fold jump in its March quarter net profit.

Net profit in January-March at Rs 10.21 billion was 293 per cent higher than Rs 2.6 billion in the same period of last fiscal, GAIL Chairman and Managing Director BC Tripathi told reporters.

The profit in fourth quarter was higher due to a one-off impairment GAIL had taken on its investment in Dabhol LNG terminal in the corresponding quarter of previous fiscal.

Turnover was up 13 per cent at Rs 153.96 billion.

Tripathi said GAIL has planned a capex of Rs 240 billion in next three financial years including Rs 64 billion this year. The investment is mostly in planned gas pipelines.

For the full fiscal 2017-18 that ended on March 31, the company posted a record net profit of Rs 46.18 billion, 32 per cent more than Rs 35.03 billion net profit of previous fiscal.

Turnover was up 10 per cent at Rs 53.69 billion.