Indian Gail Reports Record Profit

India’s biggest gas marketing and transportation firm Gail recorded its highest ever annual profit during the 12-months to March 2019 (fiscal year 2018-2019), it said May 27.

Gail's profit was rupees 60.26bn ($870mn) compared with rupees 46.18bn in the previous year, an increase of 30%. Gail attributed the increase to better physical performance in all segments and higher sales. Its turnover grew 39% to rupees 748.08bn. During the year, the company registered 14% growth in natural gas marketing and 2% growth in natural gas transmission volumes, Gail said.

During the three months to March (Q42019) Gail recorded a profit of rupees 11.22bn, up 10% on the corresponding quarter in the last fiscal.

Gail chairman BC Tripathi said the company has made a record capital expenditure of rupees 83bn in the fiscal year 2018-2019, mainly in the on-going pipeline projects of 5,500 km. Gail and its subsidiary will invest rupees 120bn in the city gas distribution (CGD) segment over the coming years. Gail Gas, a 100% subsidiary of Gail, and its joint ventures participated in the ninth and tenth rounds of CGD bidding, winning in 15 and eight areas, respectively.