The country’s largest gas distributor GAIL (India) Limited’s net profit for the quarter ended March 2023 slumped by 77.5 per cent year-on-year to Rs 603.52 crore due to higher expenses.
For the full year 2022-23, the company’s net profit dipped to Rs 5,302 crore as against Rs 10,364 crore recorded in 2021-22 in FY22.
A sharp jump in expenses has hurt the company’s profit. GAIL’s total expenses surged to Rs 33,284 crore for the quarter ended March 2023 as compared to Rs 23,846 crore recorded in the same period last year.
The company’s revenue from operations jumped to Rs 1.44 lakh crore in 2022-23 from Rs 91,646 crore recorded in 2021-22.
