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GAIL Q3FY23 Net Profit Slumps 93% YoY To Rs 246 Cr
Its revenue from operations jumped more than 37 per cent to Rs 35,380 crore on price hikes to customers
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India’s largest gas distributor GAIL on Monday reported a 93 per cent drop in its quarterly profit at Rs 246 crore compared to Rs 3,288 crore in the same quarter last year, hit by supply disruptions leading to lower gas sales.
Its revenue from operations jumped more than 37 per cent to Rs 35,380 crore on price hikes to customers.
The state-owned firm reported a natural gas marketing loss of Rs 86.02 crore compared to a profit of Rs 1,750 crore a year ago.
Profit before tax at the natural gas transmission segment slipped to Rs 426 crore.
Shares of GAIL ended 4.45 per cent lower at Rs 94.70 apiece on the NSE on Monday, post disappointing results.
GAIL has been under pressure due to the impact of Russia-owned Gazprom Marketing and Trading's failure to deliver some liquefied natural gas (LNG) cargoes following western sanctions on Moscow over its invasion of Ukraine last year.