The turnover increased 17 per cent to Rs 3,601 crore (Rs 36.01 billion) in the quarter as compared to Rs 3,081 crore (Rs 30.81 billion) the previous financial year.
The gross margin was also up 13 per cent, a company official said. GAIL paid Rs 167 crore (Rs 1.67 billion) to downstream firms Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp for selling domestic LPG and PDS kerosene below the cost, in July-September this fiscal.
This was lower than Rs 268 crore (Rs 2.68 billion) subsidy payout in the same period the previous year, he said.
During the first half of 2005-06 fiscal, net profit was up 58 per cent at Rs 1258 crore (Rs 12.58 billion) as the company paid out a lower Rs 320 crore (Rs 3.2 billion) for LPG and kerosene subsidy.
Last year the company had paid Rs 489 crore (Rs 4.89 billion) in April-September and posted a net profit of Rs 795 crore (Rs 7.95 billion).
A GAIL release said sales turnover increased 16 per cent to Rs 6,889 crore in H1 from Rs 5,955 crore (Rs 59.55 billion) in the corresponding period last fiscal.
"This increase of the profits have been achieved by the company despite the fact that it continues to bear the subsidy burden towards the under recoveries on domestic LPG and PDS kerosene as per the government directives and increase in gas price for our feedstock and fuel in the second quarter," the release said.
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