GAIL’s net profit triples when the gas industry recovers

The state-owned gas utility GAIL (India) announced a turnaround in its petrochemical and natural gas transmission businesses on Thursday, more than doubling its fourth quarter net earnings.

According to a business stock market statement, its standalone net profit for the fourth quarter of 2023–24 was Rs 2,176.97 crore, 261% more than the net profit for the same time in the previous year of Rs 603.52 crore.

Nonetheless, the net profit was 26% less than the Rs 2,842.62 crore earned in the October–December quarter before. An upsurge in gas marketing and a turnaround in the petrochemicals and natural gas transportation businesses contributed to the year-over-year increase in earnings.

Pre-tax profits of Rs 980 crore were recorded by the biggest gas transportation and marketing company in India, against a loss of Rs 16.41 crore in the gas transmission sector from January to March 2023.