GAIL shares decline over 4 pc after Q3 earnings

NewsDrum Desk
30 Jan 2023

New Delhi, Jan 30 (PTI) Shares of GAIL (India) Ltd on Monday declined over 4 per cent after the company reported a 90 per cent fall in its December quarter net profit.

The stock went lower by 4.24 per cent to settle at Rs 94.95 apiece on the BSE. During the day, it tanked 7.41 per cent to Rs 91.80.

On the NSE, it declined 4.48 per cent to end at Rs 94.70 per share.

State-owned gas utility GAIL (India) Ltd on Monday reported a 90 per cent decline in its December quarter net profit after it suffered losses in petrochemical and natural gas marketing business.

Consolidated net profit of Rs 397.59 crore in October-December 2022 as compared with Rs 3,800.09 crore earning in the same period a year back, according to the company's stock exchange filing.

The nation's largest gas trading and transportation company booked Rs 349 crore loss in petrochemical business after it had to cut run rate due to curtailment in supply of cheaper domestic gas.

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. PTI SUM SHW

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