New Delhi: State-run gas marketer and transporter GAIL has reported a 17 per cent year-on-year decline in July-September profit to ₹2,217 crore, weighed down by losses in its petrochemicals business.
Revenue from operations rose 6 per cent to ₹35,031 crore for the quarter, supported by stronger performance in the natural gas marketing segment. Shares of GAIL, valued at about ₹1.2 lakh crore, closed nearly flat at ₹182.80 apiece on Friday, even as the benchmark Sensex ended 0.5 per cent lower.
GAIL’s petrochemicals business posted an operating loss of ₹299 crore during the quarter, compared with an operating profit of ₹157 crore in the same period last year. Operating profit from the gas marketing business narrowed slightly year-on-year to ₹1,304 crore from ₹1,323 crore, although revenue from this segment rose 9 per cent to ₹31,423 crore.
Gas marketing contributed the largest share of GAIL’s revenue, while the gas transmission segment delivered the highest share of operating profit. Operating profit from gas transmission edged up to ₹1,414 crore from ₹1,403 crore a year earlier.
However, revenue from gas transmission declined 4 per cent year-on-year to ₹2,735 crore.
Profit in the LPG and liquid hydrocarbons segment also fell sharply, down 55 per cent to ₹112 crore.
GAIL incurred capital expenditure of ₹1,662 crore during the July-September quarter, primarily on pipelines and petrochemical projects. Total capex for the first half of the current fiscal year has risen to ₹4,838 crore.
