Gail India is trading lower by 4% to Rs 394 after reporting a lower than expected net profit at Rs 972 crore for the fourth quarter ended March 31, 2014 (Q4), due to lower volumes. The state gas utility had profit of Rs 618 crore in the same quarter last fiscal.
Net sales grew by 16.5% to Rs 14,464 crore for the quarter under review against Rs 1,486 crore in the corresponding quarter of previous year.
Net sales grew by 16.5% to Rs 14,464 crore for the quarter under review against Rs 1,486 crore in the corresponding quarter of previous year.
Analysts on an average had expected net profit of Rs 1,429 crore on net sales of Rs 16,804 crore.
Natural gas sale fell to 76.26 million standard cubic meters per day from 80.13 mmscmd in Q4 2012-13 while fuel transportation volumes fell to 94.66 mmscmd from 99.49 mmscmd.
During the fourth quarter, the petrochemical production was 83,000 tons as against 119,000 tons in the corresponding quarter last year, the PTI report suggests.
The stock opened at Rs 403 and hit a low of Rs 382 on NSE. A combined around 695,000 shares changed hands on the counter so far on NSE and BSE.
