GAIL India Q1 Results: Profit Drops 92% Sequentially, Other Income More Than Halves
GAIL (India) Ltd.'s quarterly profit dropped as other income fell and the gas distributor had reported a one-time benefit in the corresponding period a year earlier.
Net profit of the gas distributor slumped 92% quarter-on-quarter to Rs 255 crore in the April-June period, according to an exchange filing. That compares with the Rs 1,041-crore consensus estimate of analysts tracked by Bloomberg.
The company's bottom line in the base quarter was boosted by a deferred tax reversal of Rs 1,588.1 crore and a 64% jump in other income. The deferred tax gain in this quarter stood at Rs 47.51 crore. Other income fell 53% over the previous quarter to Rs 241 crore.
GAIL India's revenue dropped 32% to Rs 12,087 crore. Analysts had pegged the top line at Rs 13,940 crore.
Its earnings before interest, tax, depreciation and amortisation fell 74% sequentially to Rs 622.5 crore, against the Rs 1,643-crore forecast. Its margin narrowed to 5.2% from 13.3% in the three months ended March due to higher finance costs and employee benefit expenses.
Segment-Wise Performance (Quarter-On-Quarter)
- Revenue from the natural gas business fell 18% to Rs 1,268 crore.
- LPG revenue down 11% to Rs 153 crore.
- Natural gas marketing revenue fell 36% to Rs 9,443 crore.
- Petchem revenue flat at Rs 1,221 crore.
- LPG and liquid hydrocarbons revenue declined 52% to Rs 748 crore.
Shares of GAIL India ended 0.66% lower at Rs 97.4.