GAIL Q4 profit zooms 57% to Rs 972 crore

Profits came on the back of better petrochemical and LPG prices and drop in subsidy outgo

State gas utility GAIL India on Monday reported a 57 per cent jump in its fourth-quarter net profit on the back of better petrochemical and LPG prices and drop in subsidy outgo.

GAIL posted a net profit of Rs 972 crore in January-March quarter, up from Rs 618 crore in the same period a year ago, company Chairman and Managing Director B C Tripathi said.

Net profit was up as the company realised Rs 96,000 a ton price for petrochemicals it produces, against Rs 82,000 a ton in the previous fiscal, he said, adding price realisation on LPG also increased by 8 per cent to Rs 56,000 a ton.

Also, the subsidy the company pays for subsidising diesel and cooking gas came down to Rs 500 crore from Rs 567 crore in Q4 in Q4 2012-13.

"During Q4, gas transmission volumes were down and so was gas marketing due to fall in production at Panna/Mukta and Tapti field (in western offshore) and east coast (KG-D6) field," Tripathi said.

Natural gas sale fell to 76.26 million standard cubic meters per day from 80.13 mmscmd in Q4 2012-13 while fuel transportation volumes fell to 94.66 mmscmd from 99.49 mmscmd.

During the fourth quarter, the petrochemical production was 83,000 tons as against 119,000 tons in the corresponding quarter last year. Turnover was up 17 per cent to Rs 14,464 crore.

Tripathi said for the full 2013-14 fiscal net profit was up 9 per cent at Rs 4,375 crore while turnover rose 21 per cent to Rs 57,245 crore.