India's Gail Reports Highest Ever Annual Profit

India’s biggest gas marketing and distribution company Gail recorded its highest ever net profit during the year April 2017-March 2018 thanks to strong performance from liquid hydrocarbons and natural gas transmission segments, it said May 24.

Gail’s profit after tax for the year stood at rupees 46.18bn ($680mn), a rise of 32 % from rupees 35.03bn in the previous year. The company's turnover was up by 10% year on year at rupees 536.9bn. During the year, Gail registered 5% year on year growth in natural gas marketing as well as transmission volumes.

During the January-March period (4Q2018), Gail's profit after tax was rupees 10.21bn, up 293% versus the corresponding period of last year. During the quarter, the company said, it registered growth in physical performance in all segments as compared with corresponding period of the previous year with gas marketing volumes up by 8% and gas transmission volumes up by 5%.

Earlier this week, India’s biggest LNG importer Petronet LNG also reported its highest ever annual profit. Company’s net profit for the year stood at rupees 20.78bn, up 21% year on year. Gail is one of Petronet LNG's promoters and the largest customer.