GAIL posts 41.6 per cent rise in Q2 net profit

GAIL India Ltd on Tuesday reported a 41.6 per cent jump in its second quarter profit earnings

GAIL India Ltd on Tuesday reported a 41.6 per cent jump in its second quarter profit earnings

"The company has reported an improved financial performance during the quarter as well as half year ended September 2017".

"As a result of continued focus on value added products and efficiencies in cost structure, net profit for the quarter ended September 30, 2017 of Rs 42.9 crores has increased by 24 per cent over the corresponding period past year", the company said in a statement.

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The lender had posted a net loss of Rs 211.46 crore for the first quarter of the current fiscal. And net NPAs or bad loans stood at Rs 19,572.62 crore, as compared to Rs 19,341.95 crore.

Earnings from natural gas marketing rose 27 per cent to Rs 419.74 crore while the same from petrochemical business almost halved to Rs 88.81 crore.

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"In compliance with RBI". During the quarter ended September, 2017, the bank had made a provision of Rs 162.94 crore under Insolvency and Bankruptcy Code (IBC).

Net interest income (NII) remained flat at Rs 376.26 crore compared with Rs 376.40 crore in the corresponding period of last fiscal, according to a stock exchange filing.

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Sargsyan, at the same time, briefed the attendees about the Nagorno Karabakh conflict, Armenia-Turkey relations, as well as regional issues.

Bank of Baroda shares closed 1.51 per cent higher at Rs 174.40 on BSE.

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