GAIL profit jumps 184% to Rs 2,995 crore in Q1

State-run gas transporter GAIL’s net profit surged 183.9% year-on-year (y-o-y) to Rs 2,995.3 crore on a consolidated basis in the quarter ended June 30, as the natural gas marketing business — GAIL’s largest revenue earner — swung to a profit (before interest and tax) of Rs 449.8 crore. The firm had incurred a loss of Rs 614.1 crore in the corresponding period a year ago.

The company’s profit would have been higher if its tax expenses had not increased 346.5% annually to Rs 383.1 crore in Q1FY22. Revenue in the quarter went up 43.5% y-o-y to Rs 17,702.4 crore, while expenses grew at 29.3% to Rs 15,591.6 crore. The petrochemical segment, owing to higher margins, swung to a before-tax profit of Rs 138.3 crore in the fiscal from the Rs 154.4-crore loss a year ago.