NEW DELHI: State-owned gas utility GAIL (India) on Thursday reported more than tripling of its fourth quarter net profit as its natural gas transmission and petrochemical business saw a turnaround.
Its standalone net profit of Rs 2,176.97 crore in the fourth quarter of 2023-24 - was 261% more than Rs 603.52 crore net profit in the same period last year, according to stock exchange filing by the company.
The net profit was, however, 26 per cent lower than Rs 2,842.62 crore earning in the preceding quarter of October-December. The year-on-year rise in profit was aided by a turnaround in the natural gas transmission and petrochemicals business and an uptick in gas marketing.
Against a loss of Rs 16.41 crore in the gas transmission business in January-March 2023, India’s largest gas transportation and marketing firm booked a pre-tax profit of Rs 980 crore.