India's GAIL posts quarterly profit jump on growth in gas marketing business
India's GAIL posts quarterly profit jump on growth in gas marketing business Oct 30 (Reuters) - State-owned gas distributor GAIL (India) GAIL.NS 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 after tax rose to 46.5 billion rupees ($489.3 million) for the quarter ended September 30, from 22.17 billion rupees a year ago
India's gas consumption recovered to pre-Middle East conflict levels in September, Jefferies analysts had said ahead of earnings
GAIL Chairman Deepak Gupta had said in September that India had to limit gas consumption initially, but resumed supplies to almost 90% to 95% as it ramped up its capability to buy LNG from elsewhere
The company also said it granted in-principle approval to list subsidiary GAIL Gas through an IPO, potentially selling up to 25%, subject to final board approval
The gas marketing segment, GAIL's largest revenue contributor through wholesale trading and natural gas distribution, reported a more-than-31% rise to 412.26 billion rupees
Revenue from its petrochemicals segment rose nearly 26%, while its natural gas transmission segment rose 21%
GAIL's revenue from operations rose more than 30% to 459.24 billion rupees, while expenses climbed over 23%
($1 = 95.0250 Indian rupees)
(Reporting by Puyaan Singh in Bengaluru; Editing by Janane Venkatraman)
((Puyaan.Singh@thomsonreuters.com;))
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