GAIL profit up 4 pc in Q1 at Rs 1,504 cr

GAIL India, the nation's biggest gas firm, on Friday reported 4 per cent rise in June quarter net profit after growth in gas transmission and marketing business offset losses in petrochemicals segment.

Consolidated net profit of Rs 1,503.67 crore, or Rs 6.66 a share, in April-June was 4.2 per cent higher than Rs 1,443.02 crore, or Rs 6.39 a share, in the same period of the previous fiscal, the company said in regulatory filing.

GAIL's petrochemical business reported a loss of Rs 227 crore in the latest June quarter as compared to Rs 208 crore profit in the year- ago period. This however was made good by a 22 per cent rise in pre-tax profit of natural gas transmission services to Rs 859.49 crore and a 54 per cent jump in gas marketing business to Rs 868.55 crore.

Revenue rose 5 per cent to Rs 18,481 crore in April-June 2019.

GAIL Chairman and Managing Director Ashutosh Karnatak said the increase in net profit in June quarter 2019-20 was supported by better financial performance in natural gas marketing and transmission segments which outshone a muted performance in petrochemicals.