State gas utility GAIL (India) Ltd on Monday reported 90 per cent drop in December quarter net profit after it suffered losses in petrochemical and natural gas marketing business.
Consolidated net profit of `397.59 crore in October-December 2022 is compared with `3,800.09 crore earning in the same period a year back, according to the company’s stock exchange filing.
The nation’s largest gas trading and transportation company booked `349 crore loss in petrochemical business after it had to cut run rate due to curtailment in supply of cheaper domestic gas.
Natural gas marketing division too incurred a loss while the pre-tax profitability of the core transmission business halved.
Revenue from operations rose to `35,939.96 crore in October-December 2022 from `26,175.60 crore a year ago.
