State-owned gas utility GAIL (India) Ltd on Friday reported a 46 per cent drop in its September quarter net profit as it slashed petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies.
Net profit stood at Rs 1,537.07 crore in July-September compared with Rs 2,862.95 crore profit in the same period a year back, according to a stock exchange filing of the company.
The profit for the firm that transports and sells natural gas to users like fertiliser plants and CNG retailers was sequentially down 47.2 per cent from Rs 2,915.19 crore profit in the April-June quarter.
GAIL’s mainstay natural gas marketing business saw revenues doubled but profitability declined 66 per cent as higher gas prices,
