Indian Gail's profit up 41% in January-March
India’s biggest gas marketing company Gail on May 27 reported a 41% year/year increase in standalone net profit in the three months to March 31 (Q4FY2022) on higher sales volume and product prices.
Gail’s profit was 26.83bn rupees ($370mn) in Q4 as against 19.08bn rupees in the same period last year. Revenue for the quarter increased 73% yr/yr to 269.68bn rupees.
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For the year ended March 31, the company’s profit increased by 112% yr/yr to 103.64bn rupees. Gail recorded a 62% yr/yr increase in revenue from operations to 916.46bn.
Gail said it had awarded a contract to set up India's largest electrolyser to produce hydrogen. “The company has also embarked upon alternate energies like green hydrogen, renewables and bio-fuels projects which are of national importance and would likely provide a transition to the future,” Manoj Jain, chairman and managing director of Gail said.