India's Gail more than doubles profit in Oct-Dec

India’s biggest gas marketing company Gail on February 3 reported a 121% year/year jump in net profit during the three months to December 31 (Q3) on account of improved gas marketing spread, better product prices and improved operating efficiency in petrochemicals and liquid hydrocarbons.

The net profit in Q3 came in at record 32.88bn rupees ($440mn) compared with 14.87bn rupees in the same quarter last year. Gail posted an all-time high revenue of 257.75bn rupees, up from 154.56bn rupees in the corresponding period last year.

The company earlier this month acquired debt-laden IL&FS group’s 26% stake in ONGC Tripura Power Co, which owns a gas-based combined cycle gas turbine power plant in the northeast Indian state of Tripura. 

Gail managing director Manoj Jain said the acquisition would be synergetic and enable the company to stronghold its presence in northeast India.

He further said that Gail had recently commissioned India's first-of-its-kind pilot project for mixing hydrogen into the city gas distribution network at Indore in the state of Madhya Pradesh. This project marks the stepping stone of India's journey towards a hydrogen-based and carbon-neutral future, Jain added.