New Delhi: Shares of GAIL (India) Ltd on Monday declined over 4 percent after the company reported a 90 percent fall in its December quarter net profit. The stock went lower by 4.24 percent to settle at Rs 94.95 apiece on the BSE. During the day, it tanked 7.41 percent to Rs 91.80.
On the NSE, it declined 4.48 percent to end at Rs 94.70 per share. State-owned gas utility GAIL (India) Ltd on Monday reported a 90 percent decline in its December quarter net profit after it suffered losses in the petrochemical and natural gas marketing business. (Also Read: Union Budget 2023 is to be Presented on Feb 1; THESE Key Points Should be Watched Upon)
Consolidated net profit of Rs 397.59 crore in October-December 2022 as compared with Rs 3,800.09 crore earnings in the same period a year back, according to the company’s stock exchange filing. (Also Read: Best Girl Child Investment Plans 2023: THESE are 5 Schemes to Consider in India)
The nation’s largest gas trading and transportation company booked a Rs 349 crore loss in the petrochemical business after it had to cut the run rate due to curtailment in the supply of cheaper domestic gas.
The natural gas marketing division too incurred a loss while the pre-tax profitability of the core transmission business halved. Revenue from operations rose to Rs 35,939.96 crore in the October-December period from Rs 26,175.60 crore in the previous year.
