GAIL (India) misses Q4 profit estimates as gas marketing segment weighs

Indraprastha Gas

16/05/2024 12:18

BENGALURU, May 16 (Reuters) - GAIL (India)  GAIL.NS ,
India's top natural gas distributor, posted a
smaller-than-expected quarterly profit on Thursday, hurt by
weakness in its natural gas marketing business.
    Net profit rose more than three-fold to 21.77 billion rupees
($260.8 million) for the March quarter, but fell short of
analysts' estimate of 28.29 billion rupees, according to LSEG
data.
    The state-run company's natural gas marketing segment, which
accounts for the bulk of its overall revenue, declined nearly
10%.
    Lower gas marketing margins due to a fall in spot LNG prices
have been weighing on distribution companies, analysts said. 
    The company's total revenue slipped 0.9% to 32.33 billion
rupees during the January-March period.
    Shares of GAIL, which have risen about 20% so far this year,
settled 2.6% lower on Thursday.
 
($1 = 83.4700 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))