GAIL Q3 Results 2023: Net profit drops 90% on petrochemical, natural gas marketing woes

State gas utility GAIL (India) Ltd on Monday reported 90 per cent drop in 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 is 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 October-December 2022 from Rs 26,175.60 crore a year ago.

GAIL (India) shares were trading at Rs 95.10 on the NSE, down by Rs 4.05 or 4.08 per cent from the previous closing price on Friday. While below par results contributed to the correction, the stock was also hit on account of correction in the overall markets and the sectoral index Nifty Oil & Gas which was down over 3.6 per cent, minutes before the closing of the stock markets.