New Delhi–State-run gas utility GAIL India (GAIL) on Wednesday posted 244 per cent jump in its net profit for the first quarter which ended in June at Rs 1,335 crore on the back of a turnaround in its petrochemical business and the stake sale in Mahanagar Gas.

The company’s net profit in the April-June quarter of 2015 was at Rs 388 crore, it said in a statement here.

“GAIL’s PAT excluding gain from stake sale in Mahanagar Gas Ltd is Rs 846 crore, signifying an increase by 118 per cent,” it said.

Moreover, during the quarter, production and sales of GAIL’s petrochemical business jumped 149 per cent and 121 per cent respectively, resulting in a revenue increase of 95 per cent to Rs 1,133 crore.

The profit in this segment stood at Rs 9 crore as against a loss of Rs 397 crore in the corresponding period of last year.

“The increase in net profit during Q1 of the financial year 2016-17 was also supported by increase in natural gas sales and transmission volumes, which increased by 15 per cent and 10 per cent respectively,” the company said.

With results being declared after close of trade, GAIL stock closed on Wednesday at Rs 396.50 a share, down 5.90 points, or 1.47 per cent, on its previous close on the Bombay Stock Exchange.