State-run gas supplier GAIL on Thursday reported a net profit of Rs 603 crore in the fourth quarter of financial year 2022-23 (Q4, FY23), a 77.5 per cent decline compared to Rs 2,683 crore in the same period a year back.
Higher gas prices due to a global surge in energy rates following Russia’s invasion of Ukraine continued to hurt GAIL’s margins in Q4.
But India’s largest natural gas major managed a sequential recovery in net profit, which increased nearly 1.5 times from the Rs 245 crore registered in the previous October-December quarter. This was due to global gas prices declining early 2023 to aid business, analysts have said.
