GAIL Reported 35% Drop in Quarterly Profits

State-run GAIL India Ltd reported a 35 percent drop in September quarter net profit as margins on natural gas marketing slumped and petrochemical business slipped into a loss.

Consolidated net profit of Rs 1,167.58 crore, or Rs 2.59 per share, in July-September compared with Rs 1,788.98 crore, or Rs 3.96 per share, profit after tax in the year-ago period, the company said in a regulatory filing.

While pre-tax profit from natural gas transmission business fell 10 percent to Rs 803 crore, petrochemical business logged an Rs 82.32 crore loss. Natural gas marketing business saw pre-tax profit drop by 70 percent to Rs 241.72 crore.