GAIL India Ltd. (GAIL), the nation’s biggest natural gas distributor, posted fiscal first-quarter profit that unexpectedly increased.
Net income rose 15 percent to 11.3 billion rupees ($204 million), or 8.94 rupees a share, in the three months ended June 30 compared with 9.85 billion rupees, or 7.76 rupees, a year earlier, the New Delhi-based company said in a statement today. That beat the 8.97 billion rupee median estimate of 22 analysts compiled by Bloomberg. Net sales rose 25 percent to 110.9 billion rupees.
GAIL climbed as much as 3.4 percent to 356.95 rupees and traded at 352.55 rupees as of 2:51 p.m. in Mumbai. The shares have declined 8 percent this year compared with an 11 percent gain in the benchmark Sensitive Index. (SENSEX)
To contact the reporter on this story: Rakteem Katakey in New Delhi at email@example.com
To contact the editor responsible for this story: Jason Rogers at firstname.lastname@example.org