February 5, 2019 / 9:19 AM / in 3 months

GAIL third-quarter profit soars 33 percent, beats estimate

Birds fly past the logo of India's state-owned natural gas utility GAIL (India) Ltd installed on its corporate office building in New Delhi, India, April 26, 2018. REUTERS/Adnan Abidi/File Photo

(Reuters) - State-owned gas distribution company GAIL (India) Ltd on Tuesday reported a 33.2 percent jump in third-quarter profit, beating market estimate, buoyed by a surge in revenue from its natural gas marketing segment.

Profit for the quarter ended Dec. 31 came in at 16.81 billion rupees ($234.32 million), compared with a profit of 12.62 billion rupees last year, the company said.

Sixteen analysts on average estimated the company, which also engages in transmission of petrochemicals and liquefied petroleum gas, to post a profit of 15.51 billion rupees in the quarter, according to Refinitiv Eikon data.

GAIL’s revenue from operations surged 37.3 percent to 197.89 billion rupees. Revenue from its natural gas marketing segment, which accounts for more than three-fourth of the total, spiked over 46 percent.

($1 = 71.7400 rupees)

Reporting by Krishna V Kurup in Bengaluru, Editing by Sherry Jacob-Phillips

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