Revenue from natural gas marketing business fell 10 percent QoQ to Rs 16,857.98 crore and EBIT dropped 72 percent to Rs 241.72 crore
Natural gas distribution company GAIL India has reported a 22.4 percent sequential decline in Q2 consolidated profit on lower revenue and weak operating income.
Profit dipped to Rs 1,167.6 crore from Rs 1,504 crore in the June quarter. Lower tax cost and higher other income helped the company limit the profit decline.
Consolidated revenue fell 1.3 percent QoQ to Rs 18,235 crore, the company said in a BSE filing.
Revenue from natural gas marketing business fell 10 percent QoQ to Rs 16,857.98 crore and EBIT dropped 72 percent to Rs 241.72 crore.
The state-owned company's consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) plunged 29.8 percent to Rs 1,654.3 crore and margin contracted 370 bps to 9.1 percent compared to the preceding quarter.
GAIL reported a Q2 tax expenses of Rs 539 crore, significantly down from Rs 804 crore in the preceding quarter. Other income grew 58 percent sequentially to Rs 235.3 crore.The stock was quoting at Rs 126.35, down Rs 5.80, or 4.39 percent on the BSE at 1448 hours IST.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.