GAIL shares gain over 2 pc after Q4 earnings
New Delhi: Shares of GAIL (India) Ltd on Thursday gained over 2 per cent after the company reported a 28 per cent jump in March quarter net profit.
The stock rose by 2.37 per cent to Rs 166.05 on the BSE.
At the NSE, it jumped 2.21 per cent to Rs 166.
State-owned gas utility GAIL (India) Ltd on Wednesday reported a 28 per cent jump in March quarter net profit as petrochemical margins soared and gas marketing business turned around on rise in international prices.
Net profit in January-March stood at Rs 1,907.67 crore as compared to Rs 1,487.33 crore net profit in the same period a year ago, GAIL Chairman and Managing Director Manoj Jain said on a call with reporters.
Higher profitability was mainly due to improved performance of the petrochemical business as well as natural gas marketing and LPG segment, he said.
With the economy rebounding after a stringent COVID lockdown, the petrochemical plant operated near full capacity, helping clock 40 per cent higher pre-tax profit at Rs 608 crore.
Improving prices saw gas marketing swing back to black with a pre-tax profit of Rs 281 crore, as compared to a loss of Rs 73.70 crore a year back.
LPG business saw pre-tax profit rise 68 per cent to Rs 474.36 crore.