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India's largest gas transmission utility GAIL (India) Ltd has reported a 64% decline in net profit to Rs 604 crore in the quarter ended December 2014 as compared to Rs 1,679.4 crore in the corresponding quarter last fiscal.
"The profit was impacted mainly due to subsidy burden of Rs 500 crore pertaining to the second quarter of 2014-15 accounted for in the third quarter, lower off0-take of long term contracted Regasified-Liquefied Natural Gas (R-LNG), reduction in domestic gas availability by over 5 million standard cubic meter per day (mmscmd) and higher feedstock cost for petrochemicals," the company said in a statement.
Total income of the company also dipped 6.9% to Rs 15,109.7 crore during the quarter as compared to Rs 16,246.7 crore in the same quarter last fiscal. Total sales from petrochemicals business rose 7% to Rs 1,246 crore, revenue from LPH and liquid hydrocarbon business dipped 45% to Rs 1,054 crore and sales from natural gas marketing declined 0.9% to Rs 13,167 crore.
For the nine months ended December, Gail's net profit dipped 26% to Rs 2,528 crore as compared to Rs 3,403 crore in the same period last fiscal. Natural Gas transmission during the nine months stood at 94.05 MMSCMD as against 96.74 MMSCMD in the corresponding period last year. Natural Gas sales during the period were 73.18 MMSCMD as against 80.14 MMSCMD during the corresponding period last fiscal.
