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GAIL (India) Ltd reported a 47 per cent drop in its net profit for the fourth quarter of fiscal 2014-15 at ₹511 crore, against ₹972 crore in the same quarter last year.
The company said that the drop in net profit was mainly due to the decrease in volume of natural gas marketing and transmission as well as the lower price realisation of polymers and liquid hydrocarbon products.
GAIL’s net revenue for the quarter also dipped 1.5 per cent to ₹14,235 crore as against ₹14,464 crore in the same quarter last year.
For the full fiscal, the company’s net profit dropped 30.5 per cent to ₹3,039 crore from ₹4,375 crore in the previous year.
Its net revenue during the fiscal dropped 1.1 per cent to ₹56,569 crore from ₹57,245 crore in the previous fiscal.
GAIL’s Chairman and Managing Director BC Tripathi said the company has planned a capital expenditure of ₹2,700 crore and plans to raise ₹1,000 crore via bonds.
Tripathi added that subsidised gas for stranded power plants is expected to cost less than $10 per million British thermal units.
Reducing take-off GAIL has also reduced off-take from Qatar by 30-35 per cent as spot prices have reduced.
On Wednesday, the company’s share price closed 1.84 per cent lower on the BSE at ₹381.15.
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