GAIL Q2 net profit drops 35% YoY to Rs 1,167.6 cr; stock falls over 4%

Profit before tax (PBT) for the quarter under review came in at Rs 1,706.47 crore against Rs 2,700.84 in the corresponding quarter of the previous fiscal.

GAIL, the state-owned natural gas processing and distribution company, on Friday posted a consolidated net profit of Rs 1,167.58 crore, down 34.7 per cent year-on-year (YoY) for September quarter of FY19. The company had posted net profit of Rs 1,788.98 crore in the year-ago period. 

Profit before tax (PBT) for the quarter under review came in at Rs 1,706.47 crore, down 36.81 per cent YoY against Rs 2,700.84 in the corresponding quarter of the previous fiscal. 

Revenue from operations slipped 5.6 per cent YoY to Rs 18,249.90 crore against Rs 19,352.98 crore. Total income stood at Rs 18,485.19 crore against Rs 19,500.64 crore in Q2FY19. 

Earnings per share (EPS) dropped to Rs 2.59 against Rs 3.96 in the previous year quarter. 

Reacting to the news, shares of GAIL fell as much as 4.65 per cent to Rs 126 apiece on the BSE. At 02:31 am, the stock was trading 4 per cent lower at Rs 126.85 against 0.34 per cent decline in the benchmark S&P BSE Sensex.