GAIL (India) Ltd, the country’s largest gas distributor, reported a lower-than-expected quarterly profit on Monday hurt by weak performance at its core natural gas marketing segment.
The company’s standalone profit after tax fell to Rs 1412 crore ($171.67 million) in the quarter ended June 30, from Rs 2915 crore a year earlier. Analysts, on average, were expecting GAIL to earn Rs 1,606 crore, as per Refinitiv data.
The state-owned gas company’s revenue from operations fell about 14 per cent to Rs 32,227 crore. Its natural gas marketing segment, which contributes 82.1 per cent of the total revenue, saw an 18 per cent drop in quarterly revenue.
