State-owned gas utility GAIL India Ltd on Thursday posted an 80% drop in its June quarter net profit as it suffered losses on the marketing of natural gas and petrochemicals.
Standalone net profit of ₹255.51 crore, or ₹0.57 per share, in April-June, was 80.1% lower than ₹1,287.53 crore, or ₹2.85 a share, net profit in the same period a year back, the company said in a regulatory filing.
“The sharp decline in financial performance is mainly attributable to a significant impact in physical performance due to nation-wide lockdown during the earlier part of the quarter coupled with lower price realization in petrochemicals, liquid hydrocarbons, and natural gas,” it later said in a statement.
