Gas Authority of India Ltd on Monday reported a 18 per cent increase in its net profit to Rs 365.09 crore (Rs 3.65 billion) in the first quarter ended June 30 as compared to a net profit of Rs 310.56 crore (Rs 3.11 billion) in the same period last year.

Sales rose by around 12 per cent to Rs 2923.18 crore (R 29.23 billion) in April-June as against Rs 2620.7 crore (Rs 26.21 billion) in the corresponding period of the previous fiscal, a company press statement said.

During the period, Gail scrip has risen from Rs 75 to Rs 110, recording a 47 per cent jump in its market capitalisation to Rs 9,336 crore (Rs 93.36 billion).

"The increased turnover and profits are mainly due to increase in volumes of major segments viz natural gas, LPG sales and LPG transportation," it said.

Natural gas volume handled increased to 62.96 million standard cubic metres per day against 60.06 mmscmd. The LPG transportation along the LPG pipeline was 418,000 tonnes against 34.1 lakh (3.4 million) tonnes during the corresponding period of the previous year.

Gail board has approved pipeline projects worth Rs 2,065 crore (Rs 20.65 billion). The projects approved include Rs 1,416 crore (Rs 14.16 billion) Dahej-Uran pipeline, Rs 554 crore (Rs 5.54 billion) project Blue Sky to create CNG infrastructure in cities of Lucknow, Agra, Kanpur, Faridabad and Pune and Rs 95 crore (Rs 950 million) South Gujarat pipeline project.