GAIL Q4 profit soars to Rs 618 cr on high revenues from gas trading
New Delhi: State-owned gas utility GAIL India Ltd today reported 28 percent jump in its March quarter net profit on the back of rise in margins from gas trading and higher revenues from petrochemical business.
Net profit in January-March at Rs 618.18 crore was 27.89 percent higher than Rs 483.34 crore net profit in the same period a year ago, the company said in a filing to the stock exchanges.
While revenues from natural gas transmission fell to Rs 458.14 crore from Rs 846.32 crore in Q4 of 2011-12 but its income from natural gas trading soared to Rs 10,552.30 crore from Rs 9,121.25 crore previously.
Also, revenues from its petrochemical business jumped to Rs 1,203.90 crore from Rs 962.87 crore.
GAIL said it had to shell out Rs 587.18 crore to subsidise domestic cooking gas (LPG) in January-March as compared to Rs 1,397.98 crore in the same period a year ago.
For the full fiscal, GAIL's LPG subsidy outgo at Rs 2,687.18 crore was lower than Rs 3,182.62 crore in 2011-12.
Turnover in January-March rose to Rs 12,470.70 crore from Rs 10,501.33 crore in the same period a year ago.
GAIL said consolidated net profit in 2012-13 fiscal at Rs 4316.67 crore was lower than Rs 4400.83 crore in the previous financial year.
The company board recommended the payment of final dividend at the rate of 56 percent (Rs 5.60 per share) for 2012-13.
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The government has ordered state gas utility GAIL India Ltd to cut natural gas supplies of non- priority sectors like steel and petrochemicals so as to meet full requirement of CNG retailers like Indraprastha Gas Ltd.