GAIL India Q3 consolidated net falls 6.5% to Rs 1,897 cr on tepid gas biz

Lower profit due to decline in natural gas marketing business

GAIL (India) has reported a 6.5 per cent drop in consolidated net profit to Rs 1,897.04 crore for the third quarter of financial year 2020-2021, from Rs 2,029.51 crore in the same quarter of the previous financial year.

The firm's total income during the period under review declined 12 pe cent to Rs 15,899.85 crore in the quarter ended December 31, 2020, from Rs 18,094.15 crore a year ago.

The company reported the steepest decline, at about 13 per cent, in segment revenue from the Natural Gas Marketing business. Revenue from this vertical, which holds the largest share within GAIL's portfolio, fell to Rs 14,882.74 crores in the third quarter, from Rs 17,157.64 crore in the corresponding period of FY20.

The lower revenue in this segment led to a Rs 157.94-crore loss within this domain in the quarter under review. GAIL had reported a Rs 452.64-crore profit during the same quarter of the previous financial year.

GAIL said it has reported an improved performance compared to the preceeding (second quarter) of FY 2020-2021.