GAIL Q3 profit drops 90% on petrochemical, natural gas marketing woes

New Delhi: State gas utility GAIL (India) Ltd on Monday reported a 90 per cent drop in December quarter net profit after it suffered losses in the 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 the 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.