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GAIL's quarterly profits improve on stronger revenues

GAIL (India) Ltd. reported a year-over-year rise in net income for the first quarter of its fiscal 2019.

Net profit came in at 12.59 billion Indian rupees in the quarter that ended June 30, compared to 10.26 billion rupees in the same period a year prior.

EPS for the quarter came in at 5.58 rupees per share against 4.55 rupees per share a year ago.

The Indian state-owned natural gas processing and distribution company reported revenue from operations of 172.99 billion rupees, up from 115.70 billion rupees in the first quarter of its fiscal year 2018.

The company's total expenses came in at 154.78 billion rupees compared to 101.18 billion rupees in the year-ago period. Cost of materials consumed stood at 9.62 billion rupees, up from 7.33 billion rupees.

Total tax expenses for the quarter increased to 6.81 billion rupees, from 5.43 billion rupees a year prior.

The company posted net income of 69.58 billion rupees, or 20.48 rupees per share, for the fiscal year that ended March 31.

As of Aug. 9, US$1 was equivalent to 68.76 Indian rupees.