GAIL India slips 7 per cent despite posting strong net profit in Q4

NEW DELHI: GAIL India Ltd plunged as much as 6.8 per cent in trade on Tuesday, even though the state gas utility company reported a 57 per cent jump in its fourth-quarter net profit on the back of better petrochemical and LPG prices and drop in subsidy outgo.

GAIL posted a net profit of Rs 972 crore in January-March quarter, up from Rs 618 crore in the same period a year ago.

At 09:30 a.m.; GAIL was trading 5 per cent lower at Rs 389.80. It hit a low of Rs 381.80 and a high of Rs 403 in trade today.

Net profit was up, as the company realised Rs 96,000 per ton price for petrochemicals it produces, against Rs 82,000 a ton in the previous fiscal, PTI said in a report. Additionally price realisation on LPG also increased by 8 per cent to Rs 56,000 a ton.