GAIL posts 17.5% QoQ rise in Q3 net profit, petchem business loss narrows

The company’s revenue from natural gas marketing during the December quarter fell 2.80 percent to Rs 14,662.67 crore from Rs 15,085.77 crore in the September quarter. The segment’s EBIT rose 97.17 percent to Rs 466.52 crore from Rs 236.60 crore, QoQ.

Petrochemical business revenue dropped 8.44 percent to Rs 1,482.82 crore from Rs 1,619.16 crore QoQ. Loss during the quarter narrowed to Rs 8.51 crore from Rs 82.32 crore, QoQ.

In a regulatory filing, the company said that it had received provisional assessment orders towards annual license fees from the Department of Telecom (DoT) for payment of Rs 1,83,076 crore including interest and penalty computed on the entire revenue of the company.

“Based on the legal opinion, the company is of the view, that the amounts assessed in provisional assessment orders are legally not tenable,” the company statement said.

Further, the board of the company also declared an interim dividend of Rs 6.40 per equity share.

At 2:55 pm, shares of GAIL India were trading 2.32 percent lower at Rs 120.15 on the BSE.