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Our Bureau

New Delhi , Oct 27

GAIL (India) has announced a 70 per cent increase in net profit for the second quarter of the current financial year. The company's profit after tax (PAT) stood at Rs 774 crore, up from Rs 456 crore recorded in the corresponding quarter of the last fiscal.

Turnover (net of excise duty) increased by 17 per cent to Rs 3,601 crore (Rs 3,081 crore). Similarly, gross margins are also up by 13 per cent.

During the first half of the current financial year, the company reported a growth of 58 per cent in profit after tax at Rs 1,258 crore as against Rs 795 crore reported in the pervious year.

The company said that it was able to achieve such profitability despite having to bear the subsidy burden. The company scrip closed at Rs 237.30 on the NSE here on Thursday.

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