New Delhi: Shares of GAIL (India) Ltd fell over 4 per cent on Monday after the company reported a 90 per cent decline in its December quarter net profit. The stock closed 4.24 per cent down at Rs 94.95 on the BSE. During the day, it fell 7.41 per cent to Rs 91.80.
It closed 4.48 per cent down at Rs 94.70 per share on the NSE. State-owned gas utility GAIL (India) Ltd on Monday reported a 90 per cent drop in its December quarter net profit after facing losses in petrochemical and natural gas marketing business. ,Also read: Union Budget 2023 to be presented on February 1; Keep an eye on these key points,
According to the company’s stock exchange filing, it reported a net profit of Rs 397.59 crore in October-December 2022, as against Rs 3,800.09 crore earned in the same period a year ago. ,Also Read: Best Girl Child Investment Plan 2023: These 5 Plans To Consider In India,
The country’s largest gas trading and transportation company posted a loss of Rs 349 crore in its petrochemical business after it cut run rates due to cut in supply of cheap domestic gas.
The natural gas marketing division also posted losses, while pre-tax profitability of the core transmission business halved. Revenue from operations increased to Rs 35,939.96 crore in the October-December period from Rs 26,175.60 crore in the previous year.