GAIL Q2 net profit down 46% on higher prices, Russian gas disruption

In an emergency bid to secure stable LNG supply, GAIL has sought to expedite talks on short- and long-term supply deals with Gulf firm ADNOC

State-run Gas Authority of India (GAIL) on Friday reported a 46 per cent drop in net profit during the second quarter (July-September), as higher global gas prices and disruption in supply from Russian energy giant Gazprom hurt business.

Net profit stood at Rs 1,537.07 crore in the July-September quarter compared to Rs 2,862.95 crore in the same period a year back. The profit was sequentially down 47.2 per cent from the Rs 2,915.19 crore figure in the April-June quarter.

While EBITDA was down 59.4 per cent quarter-on-quarter, margins slipped to 4.6 per cent in the second quarter of the current