GAIL (India) Ltd reported a 77.5% jump in Q1 net profit, driven by doubled earnings from gas marketing. Natural gas transmission earnings also rose significantly.
New Delhi, Jul 30 (PTI) GAIL (India) Ltd, the nation's largest gas transportation and distribution firm, on Tuesday reported a 77.5 per cent jump in its June quarter net profit after earnings from the gas marketing business doubled.
Consolidated net profit of Rs 3,183.35 crore in April-June was higher than Rs 1,792.99 crore earnings in the same period a year, according to stock exchange filing of the company.
While earnings from gas transportation business rose 40 per cent, natural gas marketing margins doubled.
Pre-tax earnings from natural gas transmission rose to Rs 1,446.87 crore from Rs 1,028.33 crore in April-June 2023, natural gas marketing earnings soared to Rs 2,036.13 crore from Rs 1,045.87 crore.
Revenue from operations rose to Rs 33,692 crore in Q1 FY-25 as against Rs 32,227 crore in Q1 FY-24.
Later a company statement quoted Sandeep Kumar Gupta, Chairman & Managing Director, GAIL, as saying that the company has incurred a capex of about Rs 1,659 crore during the current quarter, mainly on pipelines, petrochemicals and equity to joint ventures, which is about 21 per cent of annual target of Rs 8,044 crore.
He further stated that GAIL has advanced its net zero carbon target for scope-1 and scope-2 emissions to 2035 from earlier 2040.
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