NEW DELHI: State-run GAIL on Monday recorded a 51% drop in the June quarter net profit at Rs 1,412 crore from Rs 2,915.19 crore a year ago on lower petrochemicals margins and reduced earnings from gas marketing.
But sequentially, the earnings indicated a sharp rebound from Rs 603.6 crore in the January-March period, the last quarter of 2022-23 fiscal. Resumption of contracted gas shipments from a former subsidiary of Russia’s Gazprom from March and lower international prices boosted transportation and marketing volumes by 7% and 2% respectively from the preceding quarter. Higher transmission tariff realisation further lent further support.
