State-owned gas distributor GAIL (India) posted a more-than-twofold jump in quarterly profit on Friday, helped by strong growth in its natural gas marketing business.
GAIL, India’s top natural gas distributor by market share, said its net profit rose to Rs 4,650 crore for the quarter ended September 30, from Rs 2,217 crore a year ago.
The gas marketing segment, GAIL’s largest revenue contributor, reported a more-than-31% rise in revenue to Rs 41,226 crore, while revenue from operations rose more than 30% to Rs 45,924 crore.
The company also said its board has accorded in-principle approval for listing its wholly-owned subsidiary GAIL Gas on Indian stock exchanges via an IPO, diluting up to 25% stake.
Operational volumes remained robust despite geopolitical headwinds. Natural gas transmission stood at 130.10 mscmd against 122.36 mscmd a year ago, while gas marketing volume rose to 97.23 mscmd.
