GAIL India Profit Doubles on Gas Growth
State owned gas distributor GAIL India posted a more than twofold jump in quarterly net profit to 46.5 billion rupees, driven by strong growth in its natural gas marketing business. The company also announced plans for an initial public offering of its subsidiary GAIL Gas.
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GAIL INDIA LTD posted a 110% jump in net profit to 46.5 billion rupees ($489.3 million) for the quarter ended September, driven by soaring wholesale Natural Gas trading. The state-owned distributor in India more than doubled earnings from 22.17 billion rupees a year earlier. The profit surge highlights recovering domestic energy demand following supply adjustments across South Asia.
