Gail India (New Delhi) has posted a 46% rise in profit for its fiscal third quarter, ended 31 December 2016, boosted by its petrochemicals business, which swung to profit. Group profit rose to 9.83 billion Indian rupees ($146.7 million) in the October-December 2016 quarter. Sales fell 9%, to Rs122.94 billion reflecting a decline in natural gas sales. Revenue from natural gas marketing dropped 20%, to Rs94.14 billion and profit was 38% lower at Rs3.0 billion.
Revenue from the petrochemical business jumped 75%, to Rs14.1 billion. The segment returned to profit in the third quarter, reporting Rs1.34 billion compared with a loss of Rs1.63 billion one year earlier. Petchem sales volume was up 8%, liquid hydrocarbon was 4% higher, and natural gas marketing and transmission volume were up by 3% and 2%, respectively. In the first nine months of the fiscal year, petchem sales advanced to Rs38.8 billion from Rs22.6 billion in the year-earlier period. The segment reports income from operations of Rs3.82 billion compared with a loss of Rs7.0 billion in the first nine months of the previous fiscal year.