GAIL Q1 profit drops 23 pc to Rs 1,025 cr

State-owned gas utility GAIL India Ltd today reported a 23 per cent drop in the June quarter net profit to Rs 1,025.64 crore.

GAIL had a net profit of Rs 1,335.18 crore in April-June quarter of previous fiscal.

Net profit in the first quarter of FY2017-18 "has seen growth of 21 per cent on year-on-year basis (after excluding one-time gains from stake sale in Mahanagar Gas Limited in Q1 FY17 of Rs 489 crore)," the company said in a statement here.

The growth in net profit, it said, has been led by better performance of gas transmission and liquid hydrocarbon segment, better price realisation in liquid hydrocarbon segment and decrease in cost of production and finance cost, it said.

Revenue grew to Rs 11,570.38 crore in April-June this year from Rs 10,832.12 crore in the same period a year back.

"During the quarter, GAIL registered growth in physical performance in liquid hydrocarbon sales, natural gas transmission and LPG transmission by 16 per cent, 4 per cent and 26 per cent respectively as compared to corresponding period of the previous year," it added.

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