GAIL Q4 net profit tumbles 69% to Rs 260 rore

State-run GAIL’s fourth quarter profit dropped 69 per cent to Rs 260 crore on impairment of investment in Ratnagiri Power plant.

The company provided for an impairment loss of Rs 783 crore out of carrying value of investment of Rs 974 crore in the joint venture entity of Ratnagiri Power plant.

The sales for the Jan-March quarter rose to Rs 13,643 crore from Rs 11,738 crore in the year ago period.

During the quarter, the company registered growth in physical performance in all segments as compared to the corresponding period of the previous year with petrochemicals sales up 59 per cent, natural gas marketing & transmission volumes up 11 per cent and 6 per cent respectively and LPG transmission volumes up 22 per cent.