State-owned GAIL India Ltd on August 17 said its board has approved the raising of funds up to Rs 25,000 crore, through the issue of secured and/or unsecured non-convertible debentures (NCDs) and bonds on a private placement basis.

In a regulatory filing, GAIL said, "The Board of Directors in its meeting held today i.e. 17th August 2022, inter-alia, approved to borrow monies together with the money already borrowed by the company up to the limit of sum equivalent to Rs 25,000/- crore in one or more tranches from time to time."

The company reported a 51 percent rise in its June quarter net profit on the back of bumper margins from gas marketing. GAIL India posted a consolidated net profit of Rs 3,250 crore in April-June compared to Rs 2,157 crore net profit in the same period a year ago.

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The profit, sequentially, was lower than Rs 3,473.77 crore net earnings in the January-March quarter of the last fiscal year. GAIL reported a pre-tax profit of Rs 2,317 crore from natural gas marketing in the first quarter of the current fiscal year, as compared to Rs 449-crore pre-tax profit a year ago and Rs 1,976 crore in the preceding quarter.

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The margin on gas marketing made up for a 12.5 percent decline in earnings from the gas transportation business and a 74 percent drop in petrochemicals earnings. Turnover more than doubled to Rs 38,033 crore in the April-June quarter, from Rs 17,702 crore a year ago.

Shares of GAIL India ended at Rs 134.90, down by Rs 0.20, or 0.15 percent on the BSE.

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(Edited by : Shoma Bhattacharjee)

First Published:Aug 17, 2022 6:28 PM IST