GAIL Q2 net goes up 42 percent on strong performance

New Delhi, Oct 31 (IANS) State-run gas utility GAIL India on Friday reported a 42 percent jump in net profit at Rs.1,303 crore for the second quarter that ended September over Rs.916 crore in the corresponding quarter last year, on the back of strong operational performance.

Income from operations during the quarter under review grew less than a percent only to Rs.14,130 crore against Rs.14,002 crore in the same quarter of the last fiscal.

However, the company’s total expenditure declined during the same time by 3.8 percent, to Rs.12,344 crore from Rs.12,827 crore in the same period last year.

GAIL’s liquefied petroleum gas (LPG) and liquid hydrocarbons segment posted a profit before interest and tax (PBIT) of Rs.901 crore during the quarter against a loss of Rs.228 crore during July-September 2013.

GAIL India gained on announcement of results and its stock closed on Friday at Rs.529.15 a share, 19.50 points, or 3.83 percent, higher than its previous close on the Bombay Stock Exchange (BSE).