GAIL (India) Ltd, the country's largest gas distributor, reported an almost 93% slump in quarterly profit on Monday, hit by lower gas sales due to supply disruptions.
The state-owned gas company's standalone profit tumbled to 2.46 billion rupees ($30.14 million) in the quarter ending Dec. 31, from 32.88 billion rupees a year earlier.
GAIL's revenue from operations jumped more than 37% to 353.80 billion rupees on price hikes to customers.
The company recorded a natural gas marketing loss of 860.2 million rupees against a profit of 17.50 billion rupees a year ago.
Profit before tax at the natural gas transmission segment more than halved to 4.26 billion rupees.
The state-owned firm is reeling from the impact of Russia-owned Gazprom Marketing and Trading's failure to deliver some liquefied natural gas (LNG) cargoes following western sanctions on Moscow over its invasion of Ukraine last year.
GAIL signed a 20-year deal with Gazprom Marketing and Trading Singapore (GMTS) in 2012 for annual purchases of an average of 2.5 million tonnes of liquefied natural gas (LNG).
GMTS was a unit of Gazprom Germania, now called Sefe, but the parent abandoned the business last April after the western sanctions.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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