ReutersGAIL (India) reported a 77% drop in its fourth-quarter profit on a weak show in every segment of its business from transportation to marketing and petrochemicals, driven mainly by a disruption in the supply of cheaper natural gas.
Profit in the January-March quarter fell to ₹604 crore from ₹2,683 crore a year earlier. Revenues increased 22% year-on-year to ₹32,858 crore on high gas prices. The profit for 2022-23 nearly halved to ₹5,301 crore from ₹10,364 crore in the previous year.
"High gas prices and unavailability of lower-priced long-term gas affected practically all our businesses," said Sandeep Kumar Gupta, chairman, GAIL.
Prices of natural gas in the international market rose sharply last year and prompted many gas consumers to switch to substitutes, reducing business for GAIL. Gas supplies under a long-term contract with Gazprom's former unit in Germany were also disrupted last year, reducing GAIL's access to cheaper supplies.
Profit in the January-March quarter fell to ₹604 crore from ₹2,683 crore a year earlier. Revenues increased 22% year-on-year to ₹32,858 crore on high gas prices. The profit for 2022-23 nearly halved to ₹5,301 crore from ₹10,364 crore in the previous year.
"High gas prices and unavailability of lower-priced long-term gas affected practically all our businesses," said Sandeep Kumar Gupta, chairman, GAIL.
Prices of natural gas in the international market rose sharply last year and prompted many gas consumers to switch to substitutes, reducing business for GAIL. Gas supplies under a long-term contract with Gazprom's former unit in Germany were also disrupted last year, reducing GAIL's access to cheaper supplies.
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