State-run GAIL on Monday reported a 92.5 per cent drop in net profit during the third quarter (October-December), as higher global gas prices and disruption in supply from Russian energy giant Gazprom hurt business.
Net profit stood at Rs 245.73 crore in the October-December quarter compared to Rs 3,287.99 crore in the same period a year back. The profit was sequentially down 84 per cent from 1,537.07 crore in the July-September quarter.
GAIL’s mainstay natural gas marketing business saw gross revenues jump 66 per cent to Rs 40,462 crore. Higher gas prices, resulting from a global surge in energy rates following Russia’s invasion of Ukraine hurt margins.
