PSU Maharatna Company Reports 77% Fall In Net Profit, Share Tanks 3%

GAIL (India) Limited has reported a significant decline in its profit for the fourth quarter of the financial year. Standalone profit decreased 77.5 percent year over year to Rs 603 crore in Q4 from Rs 2683 crore in the same quarter last year. Meanwhile, shares of GAIL (India) witnessed a decline of 3.41% to end at Rs 106.25 apiece.

Sales increased by 21.8% to Rs 32,858.20 crore in Q4 from Rs 26,968.21 crore in the quarter ending March 2022. Sequentially, the profit increased by 145.6% while revenue decreased by 7.12%.

The total income for the quarter decreased by 6% to Rs 33,875.39 crore compared to Rs 36,069 crore in the previous March quarter. However, there was a significant increase of 23.6% in total income from Rs 27,391.71 crore in the corresponding period of the previous year.

The basic earnings per share (EPS) for the March 2023 quarter stood at Rs 0.92, showing improvement compared to Rs 0.37 in the December quarter and Rs 4.03 in the same quarter of the previous fiscal year.

GAIL India stock drops over 3% after weak, trading at Rs 106.25 on BSE. Market cap of the firm fell to Rs 69,860 crore on BSE. A total of 13.20 lakh shares of the company were traded, resulting in a 14.19 crore rupee turnover on the BSE.