GAIL clocks 57% rise in profit after tax in 2016-17 FY -Governance Now

GAIL clocks 57% rise in profit after tax in 2016-17 FY

The rise in profit was boosted mainly by a turnaround in the company’s petrochemical business

GN Bureau | May 23, 2017

#PSU #GAIL #profits

GAIL (India) Limited has registered 57 percent rise in profit after tax (PAT) for the 2016-17 fiscal with the PAT increasing to Rs 3,503 crore from Rs 2,226 crore in the last fiscal.

The rise in profit was boosted mainly by a turnaround in the company’s petrochemical business, increase in profits from gas transmission business and partial sale of stake in Mahanagar Gas Limited (MGL), despite lower price realisation in Polymer and Liquid hydrocarbons. These results are after considering impairment of investment in Ratnagairi Gas and Power Pvt. Ltd. (RGPPL) in 4th quarter of FY 2016-17 for Rs 783 crore.

The company registered growth in physical performance in FY 2016-17 in all segments on year-on-year basis. Sale of petrochemicals was up by 73 percent, Natural Gas Marketing & Transmission volumes raised by 10 percent and nine percent respectively, LPG Transmission volume was up by 19 percent while liquid hydrocarbon sales went up by two percent.

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