GAIL shares jump 4% as Q2 net profit rises over 8% to Rs 4,650 crore, revenue grows 17%
GAIL shares rose nearly 4% after the company reported strong second-quarter profit and revenue growth, supported by its gas marketing and transmission businesses. Investor sentiment was also buoyed by the board’s in-principle approval to list subsidiary GAIL Gas through an IPO.
GAIL (India) shares surged nearly 4% on Monday, reaching a high of Rs 174.80 on the NSE, following the company's strong Q2 performance. The firm reported an 8.3% rise in net profit for the quarter, reaching Rs 4,650 crore, while revenue from operations grew 17.8% year-over-year to Rs 45,895 crore. In comparison, the same quarter last fiscal year, the net profit stood at Rs 4,292 crore, with revenue from operations at Rs 38,953 crore.
Operating profit from GAIL's natural gas marketing business doubled to Rs 3,284 crore, while profit from LPG and other liquid hydrocarbons nearly quadrupled to Rs 442 crore. Losses in the petrochemicals business also declined significantly. The company's board approved the listing of shares of its wholly-owned subsidiary, GAIL Gas Ltd, through an IPO, with up to 25% dilution of GAIL's equity stake in GAIL Gas.
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