GAIL’s profit declines about 58%

State-owned Gas Authority of India Limited (GAIL)’s standalone profits in the third quarter deaccelerated about 58.6% from the comparable period last year to ₹1,602.57 crore primarily led by a slipping momentum with the petrochemicals segments which registered a loss and the LPG and liquid hydrocarbons segments which observed an exponential decline in profits. Revenue, on a standalone basis declined about 2.7% on a year-over-year basis to ₹34,755.27 crore.

Petrochemicals’ business experienced a loss of ₹482.64 crore during the quarter. Profits of the LPG and liquid hydrocarbons’ business slipped about 92% to ₹28.63 crore during the December-end quarter.

The state-owned gas provider also declared an interim dividend of ₹5 per share.

In a separate release, GAIL informed that the completion of the Mumbai-Nagpur-Jharsuguda pipeline project has been delayed. It is now expected to complete February 28 instead of January 1 as planned.

The company informed that the company’s natural gas pipeline network length crossed 18,000 kilometres during the quarter.