GAIL Q1 net up 23% at Rs 1,259 crore on better performance by gas trading and petrochemicals segments

New Delhi: GAIL India Ltd, the nation’s largest pure gasoline marketer, on Friday reported a 23 % rise in its April-June quarter web revenue on higher margins in gasoline buying and selling and petrochemicals enterprise.

Web revenue of Rs 1,259 crore within the first quarter of 2018-19 fiscal was greater than Rs 1,026 crore in the identical interval of final monetary yr, the corporate stated in a press release in New Delhi.

The revenue was greater “primarily as a consequence of higher efficiency by gasoline buying and selling and petrochemicals segments,” it stated.

Gross sales have been up 50 % at Rs 17,262 crore.

Representational picture. Reuters

Gross margin (EBITDA) witnessed a progress of 17 % from Rs 2,015 crore within the first quarter of FY2017-18 to Rs 2,363 crore in April-June FY2018-19.

GAIL stated pre-tax revenue for pure gasoline buying and selling rose 64 % to Rs 551.33 crore whereas the identical from petrochemical enterprise jumped to Rs 207.77 crore from Rs 47.29 crore.

Firm Chairman and Managing Director BC Tripathi stated: “Whereas all segments contributed positively to the corporate’s revenue, gasoline buying and selling and petrochemicals segments carried out higher than the final quarter as a consequence of improved bodily efficiency.”

Aside from wholesome monetary progress within the first quarter, the present monetary yr additionally noticed necessary agreements entered by the corporate, he stated.

GAIL inked JV settlement with Higher Calcutta Fuel Provide Company Ltd (a Authorities of West Bengal entity) for working metropolis gasoline community in Kolkata. It additionally signed Tolling Settlement with Dhamra LNG Terminal Pvt Ltd for 1.5 million tonnes each year capability at Dhamra LNG Terminal, Odisha.

Tripathi stated metropolis gasoline distribution (CGD) business actions in Varanasi and Cuttack have began.

GAIL Fuel Ltd, a 100 % subsidiary of GAIL, together with joint ventures participated in ninth CGD bidding that are beneath analysis and “GAIL expects so as to add extra geographical areas into its CGD enterprise,” the assertion added.

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